Homebase to write off £500m of its value

Homebase was to write off £500m of its value as HW went to press. Owner the Home Retail Group could write off £600m, two-thirds of the £900m it paid for Homebase in 2002. Sales for June-August were 8.3 per cent down on 2007. First-half profits were due to be announced as falling 19 per cent.

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