Rapid sell-off of Bunnings UK expected

Wesfarmers is reported to have asked potential buyers of its British and Irish Homebase and Bunnings stores to submit initial takeover bids, according to the online service of Sky News. The Australian retail group is said to be seeking a swift exit from its operation in Great Britain and Ireland. It intends to offer the purchaser a "huge dowry" to help deal with the high financial losses incurred by the business. At the same time, restructuring specialist Alvarez & Marsal is working on alternatives to a sale.