Since the news broke awhile back that Bunnings was coming to Gungahlin many have pondered the fate of Home Timber and Hardware that was once Magnet Mart. Today it was announced Mitre 10 owners Metcash has purchased the Home Timber & Hardware Group from Woolworths. Metcash have confirmed with us that the Gungahlin Home Timber & Hardware was not part of this agreement and continues to be owned by Woolworths.
Woolworths is exiting the hardware retail sector and this announcement today of the sale of Home Timeber & Hardware Group to Metcash for $165m is part of that exit.
Metcash has said that Home Timber and Hardware has a strong trade focus and is highly complementary to Mitre 10. Metcash Group CEO, Ian Morrice, said: “Both Mitre 10 and HTH are passionate about supporting independent retailers. The combination of the two businesses will mean that Metcash’s hardware business will have a turnover of ~$2bn. This increased scale, together with the opportunity to realise significant efficiencies, will enable us to be more competitive and deliver a better outcome for both our hardware retailers and their customers.”
“The interests and values of Mitre 10 and HTH retailers are closely aligned. Our objective is to continue to build successful independent retailers and grow a vibrant independent hardware sector, for the long term.” Mr Morrice said.
The transfer of ownership is expected to be completed in early October.
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