Home Retail Group

Homebase investment 'has been disappointing'

Homebase
HRG

The managing director of Wesfarmers, Rob Scott, isn't mincing his words about why the Australian conglomerate has offloaded Homebase.

"The investment has been disappointing, with the problems arising from poor execution post-acquisition being compounded by a deterioration in the macro environment and retail sector in the UK," he said.

Wesfarmers bought the business from Home Retail Group for £340m in 2016 and has just sold the DIY chain for £1, so perhaps he has a point.