Several private equity firms are reportedly looking into the acquisition of Wesfarmers-owned Homebase after claims emerged that the Australian group is looking to sell the loss-making DIY chain.

In February, Wesfarmers reported a 15.7% decline in revenues for its Bunnings UK & Ireland – BUKI – division for the second half of 2017, as well as a pre-tax loss of £140m.

Earlier that month, Wesfarmers said it was reviewing Homebase’s operations following “poor trading performance”. The Australian firm bought Homebase from Home Retail Group in 2016 for £340m.