Property lease renegotiation nets Homebase chain €33m

The renegotiation by DIY chain Homebase of a number of property leases here in its recent examinership has resulted in the firm booking a €33m gain.

Newly filed accounts for the Irish operations of the British-owned home improvement retailer show that the firm recorded a pre-tax profit of €27.57m in the 12 months to the beginning of March 2013. This followed the firm recording an €8.1m pre-tax loss in the previous year.

The chief factor behind the return to profit for Homebase House and Garden Centre Ltd was the firm booking the €33m gain, as a result of terms in a number of property leases being renegotiated in the examinership in a post-balance sheet event.