Skip to main content

Wells Fargo Capital Finance


Posted: 27 Nov, 2018

London, 26 November 2018:

Homebase, one of the UK’s leading home improvement and garden retailers, is pleased to confirm it has secured an asset-based lending facility of up to £95 million with Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC).

"We are really pleased to have secured lending facilities from Wells Fargo as Homebase achieves another milestone in delivering its turnaround plan," said Damian McGloughlin, CEO. "We look forward to working closely with Wells Fargo, who have provided a bespoke facility that supports the working capital requirements of the business."

The refinancing is the latest milestone achievement for the Homebase business, which is in the midst of delivering its turnaround plan. Following the successful agreement to the Company Voluntary Arrangement, which was supported by 96% of all creditors, along with improved trading and execution, EBITDA for the first four months of the current financial year is already £35 million ahead of last year, and the business is on track to return to profitability by the end of 2019.

McGloughlin continues: "We are working closely with all our stakeholders to capitalise on the opportunities in the home improvement market in the UK and Ireland, and thank our team members, suppliers, and landlords for their continued support as we continue to work towards returning to profitability."

"We are delighted to have the opportunity to work with the Homebase team," said Steven Chait, managing director and head of EMEA at Wells Fargo Capital Finance. "This asset-based credit facility, tailored to support the turnaround of the business, demonstrates Wells Fargo’s capability in providing a financial solution that fits well with the needs of our clients."

 

Enquiries:

Homebase

Headland: Lucy Legh / Henry Wallers

Homebase@headlandconsultancy.com

+44 (0) 20 3326 9455
 

Wells Fargo Capital Finance

Adaora Anunoby

adaora.n.anunoby@wellsfargo.com

+44 (0)207 149 7671

 

 

About Homebase

Founded in 1979, Homebase is one of the UK’s leading home improvement and garden retailers. The company operates stores across the UK and the Republic of Ireland.

Its product range includes painting and decorating, plants, garden tools and accessories, and kitchens – all available in-store or online at www.homebase.co.uk.

 

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,950 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 37 countries and territories to support customers who conduct business in the global economy. With approximately 262,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2018 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.

 

About Wells Fargo Capital Finance

Wells Fargo Capital Finance provides comprehensive asset-based lending, technology finance, and supply chain finance to a wide spectrum of companies across the UK. With offices located in London, Birmingham and Manchester, we provide a flexible financing option for companies facing a variety of situations, including: growth, leveraged buyouts, refinancings, restructurings, early and mid-staged turnarounds, mergers and acquisitions. www.wellsfargocapitalfinance.co.uk


Back to News

TMA news

04 Jun, 2020

Retail will not look like this for some time to come

A complex jigsaw puzzle for directors in planning...

02 Jun, 2020

Corporate Insolvency and Governance Bill: Welcome, but will it promote turnarounds?

The Government recently published its draft...

26 May, 2020

Colliers Webinar Series | Part 1: Hotels & Hospitality. The Road Out of Lockdown to a New Norm

In our most recent webinar, kindly hosted by...

Sponsor news

26 May, 2020

CORPORATE INSOLVENCY AND GOVERNANCE BILL – MAJOR INSOLVENCY REFORMS PROPOSED

The Government on 20 May 2020 published the Corporate Insolvency and Governance Bill, which...

14 May, 2020

BREAL Zeta appoints Kevin Yates as Risk Director in latest high profile move

BREAL Zeta, the UK asset based lending specialist, today announces the appointment of Kevin Yates...

Tweets

TMA UK @UK_TMA · 4 months ago

Did you hear? Our CEO, Jenny Oldfield, has been appointed as a @UK_TMA director! Congratulations Jenny! pic.twitter.com/o1QhEV65uU

TMA UK @UK_TMA · 2 months ago

Our events are held across the UK, featuring well known speakers from all areas of the Turnaround Community. Not ye… twitter.com/i/web/status/1…

JCR

June 2020