A major DIY chain has been sold for just £1 putting a question mark over jobs at stores in Gloucestershire.

Household name Homebase has been sold for the nominal fee to Hilco.

Australian owners Wesfarmers, who bought the chain of hardware stores two years ago is expected to make a loss of £230 million.

Hilco is the restructuring specialist which rescued music chain HMV in 2013.

There is no news as yet on what this may mean for the future of the chain's 251 stores which employ 11,500 staff.

Homebase has stores in Gloucestershire off Eastbrook Rd, Gloucester, Kingsditch Lane, Cheltenham and Cainscross Rd, Stroud.

Wesfarmers was part way through a re-branding of the chain, renaming 24 stores under the Bunnings name.

It paid £340 million for the business in 2016 but in February announced profits for the second half of 2017 has fallen by nearly 90 per cent. Shortly afterwards it announced 40 Homebase stores would close.