Homebase bought out of administration securing up to 1,600 jobs

Homebase has struggled as customers cut back on spending amid the cost-of-living crisis in recent years (Peter Byrne/PA) - (PA Wire)

Homebase has been sold to retail group CDS in a rescue deal securing up to 1,600 jobs and 70 stores but leaving the future of its remaining 2,000 workers and 49 shops unclear.

The DIY retailer appointed administrators at consultancy Teneo on Wednesday before CDS, which owns The Range homeware outlets, bought the majority of its stores out of administration.