New Homebase owner Wesfarmers has revealed that it plans to end the retailer’s seven-year Nector partnership as it focuses on revamping the business under its Bunnings brand.

Australian-based Wesfarmers acquired Homebase earlier this year for a sum of £340m from Home Retail Group and plans to invest £250m overhauling Homebase.

DIY chain Bunnings said it would no longer offer or accept points for Nectar’s 19 million UK cardholders by the end of the year, while it focuses on its price position.

According to market sources, a notice from Bunnings for customers read: “After a careful review Homebase will leave the Nectar programme at the end of the year. This means customers will no longer be able to collect or spend points in store after December 31 2016.

“Our priority now is offering customers everyday low prices across a wider range of home and garden improvement products.”