A crunch meeting with creditors over the future of DIY chain Homebase has seen a deal agreed to allow it to push ahead with a restructuring.

The meeting saw a vote heavily in favour of plans by new owners Hilco to agree a Company Voluntary Arrangement - which will see agreements on debts reached and reduced rents on its sites.

However, it will spell the end of more than 40 stores - among them the outlet on the Wincheap estate in Canterbury.

It was one of the 42 stores identified to shut if creditors reached a deal.

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.

Hilco had said failure to strike a deal was likely to see Homebase enter administration.