CDS Superstores, owner of The Range and Wilko, has acquired the Homebase brand name, intellectual property and up to 70 of its UK stores after the DIY retailer entered administration.

It is understood that stores will continue to trade under the Homebase brand but will eventually be turned into The Range stores, while its online presence will remain as Homebase.

Consultancy firm Teneo has been appointed to oversee the administration process.

Teneo said that 49 stores which are not part of the deal will continue to trade as normal while a buyer is sought, putting around 2,000 jobs at risk. The deal with CDS Superstores has saved around 1,600 jobs.

Alex Simpkin, CDS chief executive, said in a statement: “We’ve stepped in following the sad demise of the much-loved Homebase brand which has had a long and previously successful history of helping UK households with their DIY projects and gardening needs, for over 45-years.

“The Homebase brand will continue to trade online, and the acquired stores will continue to trade as Homebase over the coming months until they are transferred to CDS when they will quickly re-open as The Range superstores.

“We plan to continue to invest in the Homebase brand, with many initiatives in the pipeline. Acquiring the Homebase brand enables CDS to access new customers and reach new Communities. As one of the UK’s fastest growing retailers, CDS continues to seek opportunities to expand its growing portfolio and omni-channel offer.”

Ahead of its collapse, Homebase said that the past three years had been “incredibly challenging” for DIY stores, blaming “a decline in consumer confidence and spending” after the Covid-19 pandemic.