DIY chain, Homebase, has announced that it is looking for a new owner, as it heads into the next stage of its transformation programme.

Homebase, which has stores in Gloucester and Stroud, has been owned by Hilco since 2018. It closed its Cheltenham store in 2019.

The retailer's chief executive said the chain has delivered strong sales growth throughout the Covid-19 pandemic, as reported by Retail Gazette.

It is looking for new owners in the next year to drive its next stage of growth. Homebase said there were a number of interested parties and it aims to secure new ownership by Easter 2021.

Homebase's recent turnaround plan saw it make a £3.2 million return to profit, after suffering a loss of £114.5 million the previous year.

The retailer aims to introduce new and expanded ranges by working with brand partners, and to build on the £27 million already invested in its stores to create new concepts and layouts.

After closing over 60 stores in 2018 and 2019, Homebase plans to open 15 new stores in the next few years, and to continue with the trial of its smaller concept stores - the Bathstore and Kitchens by Homebase showroom and Decorate by Homebase.