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After Zayre was acquired by Ames, HomeClub was spun off under a new company called Waban Inc., which also owned BJ's Wholesale Club. In 1991, it discontinued its membership program and adopted the HomeBase name shortly thereafter.
In November 2015, the group rejected a £1 billion takeover proposal from the supermarket company Sainsbury's, which it revealed on 5 January 2016. [11] On 18 January 2016, it was confirmed that Homebase would be sold to the Australian retailer Wesfarmers for £340 million, subject to shareholder approval. [12]
The Schreiber brand was owned by Sainsbury's and its products were sold in the United Kingdom through Argos stores and the Argos website. Following the 2016 sale of Homebase to Wesfarmers , all Schreiber branding was removed from both the Homebase stores and the Homebase website in mid-2017 when the agreement with Home Retail Group expired.
In January 2016, the sale of sister company Homebase for £340 million was announced. [ 16 ] In April 2016, Argos' parent Home Retail Group agreed to a £1.4 billion takeover by Sainsbury's, following a bidding war between the supermarket chain and South African conglomerate Steinhoff International . [ 17 ]
Sainsbury's sold the Homebase chain in December 2000, in a twofold deal worth £969 million. Sales of the stores to Schroder Ventures generated £750 million and sale of 28 development sites, which had been earmarked for future Homebase shops, were sold for £219 million to rival B&Q's parent company, Kingfisher plc. [32]
In December 2000, Kingfisher plc acquired 28 development sites, intended to house future shops of rival chain Homebase from Sainsbury's, who sold the chain. [16] The development sites instead housed shops of B&Q. In August 2001, B&Q opened its first shop in Shanghai, when it hoped to increase outlets from four to 58 by 2005. [17] [18]