Plans for a giant Bunnings DIY store are in doubt after the firm's Australian owners sold the struggling company for just £1.

Developers submitted plans to Ashford Borough Council (ABC) earlier this year to build a 4,645 sq m shop next to the John Lewis at Home store near Drovers roundabout.

But Wesfarmers, which bought the business for £340m two years ago, announced it is selling the company last week, throwing the future of the Ashford store into doubt.

A Bunnings spokesman refused to comment on the future of "individual stores" when asked for comment by the Kentish Express.

But Cllr Paul Bartlett hopes new owners Hilco will still press ahead with the Ashford store.

He said: "It was a surprise that Bunnings exited the UK market so quickly - it is hugely disappointing and is clearly a worry that the business has performed badly.

"But the company does still exist, it's just now under new ownership.

"We hope that Ashford still has a part to play in the company and there is no indication that the planning application for the site is being withdrawn.

"The former Homebase in Sevington was a very good store and we need retailers like that to support Ashford's development.

"John Lewis is currently the only retailer on the site but once you build more the area will become more attractive."

Homebase was bought for £340m in 2016 by Wesfarmers who dominate the market in its home country with its Bunnings brand.

But its efforts to introduce Bunnings to the UK has proved a disaster, with the company saying it expects to lose between £200-230m as a result of the sale to Hilco Capital - an investment firm which specialises in turning around failing businesses.

Under the terms of the agreement, the buyer will acquire all Homebase assets, including the Homebase brand, its store network, freehold property, property leases and inventory for a just £1.

The new owner will acquire all Homebase assets, including the Homebase brand, its store network, freehold property, property leases and inventory for a just £1.

The 24 Bunnings pilot stores will convert to the Homebase brand promptly following completion.

It remains unclear if Hilco will initiate a store closure programme following the takeover. It previously revived HMV after its collapse.

Wesfarmers managing director Rob Scott said: "Homebase was acquired by Wesfarmers in 2016. The investment has been disappointing, with the problems arising from poor execution post-acquisition being compounded by a deterioration in the macro environment and retail sector in the UK.

"While it is important that we learn from this experience, this should not discourage our team from being bold and diligent in pursuing opportunities to create shareholder value.

“We acknowledge the past six months have been particularly challenging for the BUKI (Bunnings UK & Ireland) management and our team members in the UK and Ireland and we thank them sincerely for their hard work and commitment.

"The operating performance of the business has improved in recent months under the new management team led by Damian McGloughlin and he will continue to lead Homebase in delivering management’s turnaround plan.

“We wish Damian and the team well during the transition and as they take the business into its next chapter under a new owner with a track record of retail turnaround in the UK.”

The takeover is expected to be completed by June 30.

If the planning application is approved, five large stores - including the proposed Bunnings - will be built on the site near the Drovers roundabout, as well as a standalone Costa and Vets4Pets practice.

The site was previously earmarked for a park and ride, but developer Davies Street Castle City is now behind the new scheme.

The retail park would become a neighbour to the nearby John Lewis at Home store and would be accessed via the same junction near Drovers roundabout.

Alongside Bunnings, the four other shops are set to be filled by furniture, homeware, kitchen and/or bathroom retailers.