The future of DIY giant Homebase will be determined today when a creditors meeting takes place to vote on a rescue deal.

If the Company Voluntary Arrangement - which agrees with those it owes money to to pay reduced sums to allow it to continue to operate - is approved it will see 42 stores close.

Among them is the Canterbury outlet on the Wincheap estate.

Homebase has had a traumatic period.

Sold to Australian giant Wesfarmers for £340 million two years ago, Homebase then started to haemorrhage cash - losing an estimated £1bn over two years in what was described as one of the most disastrous takeovers in modern retail.

Repositioned and often rebranded to Bunnings, Homebase lost its footing in the market and was eventually sold for just £1 to private equity firm Hilco Capital in June of this year.

It has a three-year plan to turn its fortunes around.

However, to do so, it needs to come to a deal with those it owes money to and landlords to agree reduced payments.

Part of that process is the initial closing of dozens of stores.

Hilco has said failure to strike a deal is likely to see Homebase enter administration.