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Wesfarmers closes Homebase sale in UK

Wesfarmer says it has completed the sale of its loss-making Homebase unit

Wesfarmers' short-lived and disastrous foray into the UK home improvement sector is over after the Perth-based conglomerate completed the sale of Homebase.

The sale to UK-based turnaround specialist Hilco Capital, which was announced in May, will result in a loss of between GBP200 million and 230 million (between $352 million and $404 million) in Wesfarmers' full-year results.

Wesfarmers bought the Homebase hardware chain for $705 million in 2016 with the idea of converting the stores into Bunnings outlets, but has pulled out having burned through almost $1.5 billion.