Peterborough’s Homebase is one of 42 set to close after creditors agreed a deal to keep the troubled DIY retailer afloat.
It was announced earlier this month that the Homebase outlet in Eastern Industry, in Padholme Road East, was one of 42 outlets across the UK that could be shut, putting 1,500 jobs at risk.
And Homebase confirmed that the Company Voluntary Arrangement (CVA) has been approved with 95.92 per cent of the company’s creditors voting in favour of the arrangement.
The 42 stores have been identified for closure during late 2018 and early 2019.
Damian McGloughlin, CEO of Homebase, said: “We are pleased that an overwhelming majority of our creditors, including such a proportion of landlords, have supported the plans laid out in the CVA.
“We now have the platform to turn the business around and return to profitability. This has been a difficult time for many of our team members and I am very grateful for their continued support and hard work.
“We can look to the future with great confidence and we will be working closely with our suppliers to capitalise on the opportunities we see in the home improvement market in the UK and Ireland.”