Argos and Homebase to pay back PPI
Home Retail Group, the owners of Argos and Homebase, have put aside £25 million to compensate customers who were mis-sold PPI on household purchases such as tellies, kitchens, you name it.
Shoppers who bought items on credit, would've been offered PPI cover through the company's financial services.
The group has made similar provisions in the past, but this is the first time they've been made public. Home Retail is writing to affected customers, it said.
Home Retail's outgoing chief executive Terry Duddy - the managing director of Argos, John Walden, is due to take the reins on Monday - said there was no certainty this was the end of the problem but added it was not in the same league as at the banks which together had paid out £22bn.
This has taken a bit of the shine off the company's recent set of figures, which saw like-for-like sales at Argos rising 5.2% in the eight weeks to 1 March, while underlying sales at Homebase jumped 9.3% as both chains benefited consumer confidence picking up. The shares closed up 5% at 215.4p.
If you feel like you were mis-sold products by these companies, get in touch with Home Retail Group or call them on 0845 603 6677.