蓄える／店s 巨大（な） Home 小売 Group considering 計画（する） to spin off DIY chain Homebase to concentrate on developing Argos

By Neil Craven, 財政上の Mail on Sunday

Updated: 08:47 BST, 28 July 2014

蓄える／店s 巨大（な） Home 小売 Group is considering a 計画（する） to spin off its £1.5?billion DIY chain Homebase so it can concentrate on developing its more 繁栄する Argos chain.

Homebase has long been regarded as the weakest player in the 部門 直面するing stiff 競争 from 巨大（な）s like B&Q and Ikea. Sales have 改善するd over the last year, but 利益（をあげる）s have remained very modest at just £10?million.

The review of Homebase follows the 昇進／宣伝 of John Walden to group 長，指導者 (n)役員／(a)執行力のある in March に引き続いて his successful turnaround of Argos over the previous two years.

Taking 在庫／株: Homebase has long been regarded as the weakest player in the 部門 直面するing stiff 競争 from 巨大（な）s like B&Q and Ikea

City sources said Home 小売 had considered selling Homebase 以前, but the 選択 has come ‘into 詐欺師 焦点（を合わせる）’ recently に引き続いて the 開始／学位授与式 of a company-wide 戦略の review by Walden and 調印するs of stronger sales and profitability at Homebase.

A final 決定／判定勝ち（する） could be made in the coming weeks, several sources told The Mail on Sunday. The most likely 出口 for the Homebase 商売／仕事 is for it to go to a 私的な 公正，普通株主権 会社／堅い rather than spinning it off on the 株式市場.

The prospect is 存在 ‘率直に discussed’ across the Home 小売 商売／仕事 and has already caught the 注目する，もくろむ of City 法人組織の／企業の financiers who have begun circling with 利益／興味.

The shake-up at Homebase has begun to 耐える fruit に引き続いて 改良s to its 蓄える／店s and an 精密検査する of 顧客 services. But the 最近の 低迷 and low 容積／容量s of house sales has still left DIY retailers struggling to grow.’

Homebase sales and 利益（をあげる）s have been 改善するing, but it still makes only £10?million 毎年 にもかかわらず its £1.5?billion sales.

A source 追加するd: ‘In the last few months it is 支援する on the （米）棚上げする／（英）提議する and has become one of the 重要な considerations of Walden’s review.

‘The question is straightforward: would you rather 投資する all your 利用できる 資源s into developing Argos or have to 分裂（する） it between the two?’

The value of Home 小売 has more than 二塁打d to £1.4?billion in the past two years after Walden was 草案d in by former 長，指導者 (n)役員／(a)執行力のある Terry Duddy to refocus the Argos 数字表示式の 戦略.

The board will have to consider whether they would be able to sell a 商売／仕事 that is in the 早期に 行う／開催する／段階s of a turnaround or whether it would be a 事例／患者 of having to 手渡す it to new owners with a dowry.

By comparison, Argos has a turnover of £4?billion and a 利益（をあげる） which 越えるs £100?million.

One 再編成 source said: ‘Any new owner of Homebase would undoubtedly need money to 投資する into 改善するing Homebase and might 推定する／予想する Home 小売 to make a 出資／貢献 if they sold it tomorrow.’

Home 小売 拒絶する／低下するd to comment on ‘market 憶測’.