Joint venture in China

Homebase parent company Home Retail Group and its subsidiary Argos announced at the same time as the interim report that they have entered into a joint venture with the Haier Group in China. Starting in 2012 they intend to join forces to create a chain of hypermarkets operating as multi-channel suppliers. The British partner will hold 49 per cent of the joint undertaking and provide the chairman plus two more of the total of five board members. Haier, one of the world’s biggest manufacturers of household appliances, has a 51 per cent stake in the venture.