Homebase sale progressing

Home Retail Group, the parent company of Homebase, has received approval from its banking syndicate for the Homebase sale process, according to a press release by the buyer, the Australian retail group Wesfarmers. The HRG board has also issued a circular containing a unanimous recommendation to shareholders to approve the transaction. The decision is to be taken at a general meeting on 25 February 2016. Subject to the approval of Home Retail Group shareholders, the transaction is expected to be completed soon thereafter, according to the press release.