Del Boy Billionaire could save Homebase: Tycoon who became one of Britains richest men after getting his first pair of underpants at 12 may rescue dozens of the DIY chains stores but 34 are still set to close
A retail tycoon dubbed the Del Boy Billionaire could step in to save troubled DIY chain Homebase which has called in administrators.
A retail tycoon dubbed the Del Boy Billionaire could step in to save troubled DIY chain Homebase which has called in administrators.
Chris Dawson, who owns and runs The Range became one of Britains richest men after getting his first pair of underpants at 12.
But the boss could rescue dozens of Homebases stores in a move which could save 1,600 jobs - but 34 shops are still expected to shut.
It was announced this morning that the garden chain is appointing insolvency experts which could mean jobs and 130 shops are at risk.
The troubled chain is preparing to line up Teneo to handle an insolvency process, after it announced a loss of £84.2 million last year.
But Mr Dawson, said to be worth £2.5billion, is in talks to acquire the brand and its website in a £30million deal.
If the beloved DIY chain collapses, it will be yet another major blow to British high streets, after the downfalls of The Body Shop and Wilko.
Homebase looks to be heading for administration, with the garden chain appointing insolvency experts which could mean jobs and 130 shops are at risk. File photo
The Range is considering buying 75 stores as part of a process where a business sells its assets before administration, in a move which could save 1,500 jobs. Pictured is boss Chris Dawson
Damian McGloughlin, the managing director of Homebase, told suppliers in August it would begin an active sale process to seek new investment
Damian McGloughlin, the managing director of Homebase, told suppliers in August it would begin an active sale process to seek new investment.
According to Sky News, The Range is considering buying 75 stores as part of a process where a business sells its assets before administration, in a move which could save 1,500 jobs.
But up to 1,000 staff are still at risk of being made redundant unless buyers for the remaining stores can be found.
Although no immediate redundancies are expected, around 34 remaining Homebase stores are at risk of closure - where there are 500 staff.
Sainsburys bought 10 stores and there are talks of selling a further 10 to rivals Wickes and Topps.
Mr Dawson told The Telegraph he is delighted to be able to save so many stores and jobs.
Hilco bought the troubled chain in 2018 after Wesfarmers paid £340m for Homebase in 2016.
Dawson is now at the helm of 213 chains nationwide and visits ten per day in his personalised helicopter (seen above)
Dawson has described The Range as a poor mans John Lewis in the past
But less than two years it offloaded the chain to Hilco for £1 as it wanted to draw a line under what was said to be one of the worst retail deals of all time.
DIY chain Homebase racked up more than £420m of losses under Wesfarmers ownership.
Homebase said this was due to cautious customer spending, but experts said it was due to decisions like firing the entire senior management team.
Others pointed to basic mistakes such as trying to sell products at the wrong time of the year - such as barbecues.
It also dispatched mole traps to Ireland despite no moles being there.
But the Del Boy Billionaire may be Homebases saviour and currently resides at number 70 on the Sunday Times Rich List.
The moniker is due to his distinctive DE11 BOY number plate on his £350,000 Rolls-Royce Wraith coupe.
Mr Dawson, 71, also managed to save part of beloved High Street chain Wilko after finalising a deal to buy the name, website and intellectual property for £5m last year.
His incredible story epitomises the rags to riches tale that seems to dominate the world of British business.
Dawson makes no secret of his unabashed desire to be filthy rich once telling the Mail that as each person comes into his shop he thinks kerching, kerching, kerching!
His humble beginnings saw him and his two brothers raised on a council estate in Plymouth, with their labourer father Thomas and his cleaner mother, Elsie.
Prospects were bleak - his younger brother still lives in the same house - and money was so sparse that he did not own his first pair of pants until he was 12.
As a boy, he struggled academically and was so severely dyslexic that he left school without a single qualification, unable to read and write.
Dawson started life on the market stall in Plymouth (pictured) and used to sell upcycled furniture and scrap metal to punters
Wheeler dealer: The Range - which was set up by Chris Dawson (pictured) - finalised a deal to buy the Wilko name, website and intellectual property for £5m
Dyslexic is a polite way of putting it, I just didnt have a bloody clue, he told the Telegraph.
It wasnt until he was 27 that Dawson learned how to read. However, even at the age of 64, he still cannot write.
He struggles to understand the Sat Nav on his fleet of luxury cars and admits sometimes pretending to forget his glasses when checking into a hotel so he doesnt have to fill out his form.
But, it is clear that Dawsons business brain was switched on from a young age.
The budding entrepreneur started selling ice-creams at the age of seven, before taking on three paper rounds - two of which he subcontracted to friends.
He also earned money by doing early-morning wake-up calls for military officers in his garrison home town of Plymouth and began selling teas to builders on construction sites at the age of 14.
He later embarked on a career as a scrap metal dealer, borrowing leftover scraps from his school technology class.
He is a self-confessed workaholic, sleeping only six hours per day and admitting he does nothing to relax, except work.
He reportedly does not have a work email and instead communicates with employees in a regular early-morning conference calls, ensuring he is physically and metaphorically everywhere in the business at all times.
Sainsburys (stock image) agreed to acquire all 10 Homebase shops and convert them into supermarkets in a deal which is anticipated to create around 1,000 new jobs
A map showing the 10 locations set for conversion into Sainsburys
In 2015 he was said to have left grieving relatives distraught after his car blocked a body from being taken into a funeral home.
The deceaseds body had just been collected from hospital and driven to an undertakers in Plymouth, Devon.
But when the private ambulance arrived a Range Rover belonging to Chris Dawson was discovered parked outside the clearly marked entrance meaning the ambulance couldnt be reversed in.
The Range later apologised for any inconvenience the vehicle had caused.
In August, Sainsburys agreed to acquire all 10 Homebase stores and convert them into supermarkets in a deal which is anticipated to create around 1,000 new jobs.
The locations set for conversion are located in Sutton Coldfield, Bromsgrove, Cromer, Derry/Londonderry, Fareham, Inverurie, Lowestoft, Newark, Omagh and Rugby.
Simon Roberts, chief executive officer of Sainsburys said: Sainsburys food business continues to go from strength to strength as we push ahead with our Next Level Sainsburys plan.
We have the best combination of value and quality in the market and thats winning us customers from all our key competitors and driving consistent growth in volume market share.
We want to build on this momentum which is why we are growing our supermarket footprint.
Our ambition is to be customers first choice for food and these new stores will showcase some of the best that Sainsburys supermarkets have to offer to even more communities around the country.
