Wesfarmers’ Scott sharpens the axe on Bunnings UK

 In Australia, Hardware, International

Wesfarmers’ chief executive Rob Scott is up against the clock. In nine weeks a decision is due on the future of Bunnings UK and Ireland (BUKI). And investment bank Lazard’s difficult job of scouring the market is further complicated by the need to deal with Wesfarmers’ two hardware brands in the UK, Homebase and Bunnings.
Reports out of the UK over the weekend suggest Wesfarmers is also investigating a Company Voluntary Arrangement for BUKI – which is essentially a voluntary administration – under which the creditors, including landlords, would receive only a portion of what they are owed. This would also involve closing a large number of underperforming stores. Sydney Morning Herald – Read more…

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