DIY giant Homebase has confirmed it will shut its Wincheap store after creditors approved a radical restructure plan.

Earlier this month the company revealed its Canterbury branch was among 42 earmarked for closure as part of plans to balance the books following a disastrous takeover by Australian firm Bunnings.

Homebase entered into a Company Voluntary Arrangement (CVA) and today creditors approved plans to restructure the business.

It means the axe will fall on the 42 stores, putting around 1,500 jobs at risk.

A Homebase spokesman would not comment on how many jobs are under threat in Canterbury.

Damian McGloughlin, chief executive of Homebase, says the company now has the platform to turn the business around and return to profitability.

“This has been a difficult time for many of our team members and I am very grateful for their continued support and hard work,” he said.

“We can look to the future with great confidence, and we will be working closely with our suppliers to capitalise on the opportunities we see in the home improvement market in the UK and Ireland.”

Closure is expected during late 2018 and early 2019.

The Homebase store on Cow Lane is owned by Canterbury City Council, who bought the site with a £3.7 million loan in 2013.

It has since been leasing it back to the DIY chain for a substantial annual rent.

The authority says it is confident it will find a new tenant quickly due to it being a “good strategic site which will benefit from being close to the new route of the A28 through the industrial estate".