The converted stores, in locations across the UK, are expected to be completed by the end of next year
Sainsbury’s has revealed it will acquire 10 Homebase stores for conversion into new supermarkets.
The stores are in locations chosen because they grow Sainsbury’s supermarket coverage across England, Northern Ireland and Scotland.
They are in Birmingham Sutton Coldfield, Bromsgrove, Cromer, Derry/Londonderry, Fareham, Inverurie, Lowestoft, Newark, Omagh and Rugby.
Once converted, the shop floor area of the leasehold stores will range from approximately 15,000 to 40,000 square feet.
The transaction is expected to complete in early September.
The first of the 10 stores will open next summer, with the aim to convert all new sites by the end of 2025.
The gross investment value of the acquisition (the total cost of leases, acquisition premium and fit-out costs) is expected to reach approximately £130 million.
According to Sainsbury’s, the new locations will mean nearly 400,000 more people are within a 10-minute drive of a Sainsbury’s supermarket.
Additionally, the conversion of these sites into supermarkets is expected to create approximately 1,000 new roles. The retailer said it would guarantee an interview for any Homebase colleagues who are placed at risk of redundancy because of the transaction.
CEO of Sainsbury’s, Simon Roberts, said: “Sainsbury’s food business continues to go from strength to strength as we push ahead with our Next Level Sainsbury’s plan… We want to build on this momentum, which is why we are growing our supermarket footprint.”
