Bunnings DIY stores will switch back to Homebase after its owners sold the struggling brand for just £1.

Homebase has been sold by its Australian owner Wesfarmers to retail restructuring firm Hilco, potentially putting a number of jobs at risk.

Bunnings has two stores in St Albans and one in Apsley.

A total of 24 stores that were trading as Bunnings, Wesfarmers' brand, will convert back to the Homebase brand.

Homebase formerly had a store in Watford before it was replaced by The Range.

Homebase was bought for £340million in 2016 by Wesfarmers where Bunnings dominates the sector in Australia.

Hilco bills itself as a retail restructuring specialist and also owns HMV. It is unclear at this stage whether any stores will close.

Richard Lim, of Retail Economics, said: "The acquisition of Homebase has been an unbelievable disaster for Wesfarmers.

"Their attempts to disrupt the UK DIY market have failed after a series of woeful management decisions, clumsy execution and a misguided perception of the UK market."

Homebase boss Damian McGloughlin said the agreement with Hilco "marks an exciting new chapter" for the retailer.