WIRRAL'S Homebase store is SAFE from closure after the retailer revealed 42 DIY outlets will shut across the UK.

On Tuesday, Homebase confirmed its Upton branch was not one of those at risk.

The retailer is closing the stores via a Company Voluntary Agreement (CVA), a controversial insolvency procedure used by struggling firms to shut under-performing shops.

Restructuring experts at Alvarez & Marsal will carry out the CVA, which will require the support of landlords.

The latest restructuring would come on top of a store closure programme the retailer has been carrying out since February.

A total of 17 Homebase stores have been shut this year and the business has also axed 303 jobs at its head office in Milton Keynes.

Homebase could see some resistance from landlords to the CVA, with the property industry expressing disdain for the procedure, saying it leaves them out-of-pocket.

It is anticipated that 42 stores will close during late 2018 and early 2019, meaning a loss of around 1,500 jobs.

CVAs have been adopted by a host of retailers including New Look, Carpetright and Mothercare.

The Homebase store closures follow the sale of the business earlier this year by its former Australian owner Wesfarmers to Hilco, a retail tuwrnaround specialist, for £1.

Homebase was bought by Wesfarmers for £340 million in 2016.

Wesfarmers is known for its Bunnings chain in Australia, and attempted to import the home improvement brand to the UK by converting a host of Homebase stores into the Bunnings format.

However, the strategy ended in disaster.

Prior to the Hilco takeover, Homebase had 250 stores at its peak and 12,000 staff.

Chief executive at Homebase Damian McGloughlin said: “Launching a CVA has been a difficult decision and one that we have not taken lightly.

"Homebase has been one of the most recognisable retail brands for almost 40 years, but the reality is we need to continue to take decisive action to address the underperformance of the business and deal with the burden of our cost base, as well as to protect thousands of jobs.

"The CVA is therefore an essential measure for the business to take and will enable us to refocus our operations and rebuild our offer for the years ahead.”

The full list of Homebase store earmarked for closure:

  • Aberdeen Bridge of Don
  • Aberdeen Portlethen
  • Aylesbury
  • Bedford St Johns
  • Bradford
  • Brentford
  • Bristol
  • Canterbury
  • Cardiff Newport Road
  • Croydon Purley Way
  • Droitwich
  • Dublin Fonthill
  • Dublin Naas Road
  • Dundee
  • East Kilbride
  • Exeter
  • Gateshead
  • Grantham
  • Greenock
  • Hawick
  • Inverness
  • Ipswich
  • Limerick
  • London Merton
  • London New Southgate
  • London Wimbledon
  • Macclesfield
  • Oxford Botley Road
  • Peterborough
  • Pollokshaws
  • Poole Tower Park
  • Robroyston
  • Salisbury
  • Seven Kings
  • Solihull
  • Southampton Hedge End
  • Southend
  • Stirling
  • Swindon Drakes Way
  • Swindon Orbital
  • Warrington
  • Whitby