The branch, in Winchester Road, was put up for sale in November after the chain went into administration because of financial difficulties linked to declining consumer spending, high inflation and supply chain disruptions.
Administrators put the Basingstoke store on the market with a deadline of November 29 for potential buyers to purchase the store.
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However, there had been no update, with the branch remaining on the market in December.
Now, Kingfisher, the owner of DIY and home improvement company B&Q has announced the purchase of five Homebase stores including Basingstoke.
In a statement made on Monday, January 6, the company confirmed that it had reached an agreement to acquire the shops for a combined price of £2.5million.
Kingfisher set a timeline for the conversion of the Homebase branch to begin in spring 2025, subject to approval from landlords, with changes expected to be completed by the end of the year.
B&Q CEO, Graham Bell, said the company is ‘delighted’ to be purchasing the branches, adding: “We’re determined to give home improvers the choice and convenience they deserve, and to transform the home improvement stores in these locations to fulfil that need.
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“It’s a great way to start 2025. We look forward to swiftly concluding these purchases and converting the stores to the B&Q brand and offer, and to welcoming our new customers to the stores and new colleagues to the B&Q family.”
B&Q already has a store in Basingstoke, in Lister Road, just minutes away from the Homebase branch bought by the company.
It is not known whether the current B&Q store will close to make way for the new store, or whether there will be two stores in the town.
A spokesperson for B&Q told the Gazette: “It is our intention to convert Homebase Basingstoke to a B&Q store.”
It did not provide any further comment on the future of the current B&Q store.