M&S and Kingfisher among suitors circling Homebase stores

Marks & Spencer (M&S) and the parent company of B&Q are exploring the possibility of acquiring many of the Homebase stores after the DIY retailer went into administration earlier this month.

Sky News has discovered that M&S and Kingfisher are among the retailers eyeing the last remaining Homebase locations, which total nearly 50 stores, as the deadline for bids approaches this Friday.

The two firms are reportedly working on proposals for around 20 to 25 locations, which could mean that numerous jobs might be preserved.

Latest on Housing Costs: The Most and Least Expensive Places for Home Buyers

Around 2,000 positions were jeopardized due to Homebase's downfall, and reports indicate that the administrators have been putting in a lot of effort over the past two weeks to save as many jobs as they can.

Real estate insiders mentioned that Home Bargains, the privately owned retailer specializing in home goods, is also considering the purchase of a few Homebase locations.

Approximately 70 stores from the DIY chain, along with its brand and online business, were transferred to the owner of The Range as part of a pre-packaged agreement.

The Range, started by Chris Dawson, has hired approximately 1,600 employees from Homebase.

Before Teneo was officially appointed as the administrator, it had already been managing a sale process for Homebase.

Check out more from Sky News: Direct Line's stock prices surge after turning down a takeover proposal from a UK competitor. Production in the struggling car industry declines once more, signaling ongoing challenges. The City watchdog takes a 'name and shame' approach as part of a compromise.

The timing of this process is notable, as retailers are currently dealing with increasing cost challenges following the recent Budget announcement. Both Kingfisher and M&S have raised concerns about these impacts in the past few weeks.

M&S and Kingfisher chose not to provide any remarks.