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Floors-2-Go saved from administrators
Archived article dated Sunday August 17th 2008
Over 200 jobs at Floors-2-Go, have been saved with the firm being bought from the administrators, Kroll, by the Hodges brothers.
Floors-2-Go went into administration in July, when the Alchemy Partners backed management buy-out failed following a collapse in the market.The administrators had closed 41 of the 132 stores and made 91 staff redundant but maintained trading. Robert and Richard Hodges, part of the Hodges flooring and carpeting dynasty, acquired the company from Kroll for an undisclosed sum.
Robert Hodges, said “We are delighted to have saved the jobs of so many of the Floors-2-Go team and to be able to provide the British public with a real alternative to the big stores when beautifying their homes. We returned to UK flooring retailing in March with the opening of our FloorMyHome stores and now the two brands are able to offer fabulous quality products to everyone.” The brothers have purchased 80 stores of Floors-2-Go across England and Wales and will run the business alongside their new FloorMyHome offer. Floors-2-Go has a head office in Birmingham. Eversheds and Deloitte's acted for the purchaser with Dundas & Wilson advising Kroll.
Eversheds partner James Trevis, said: “The retail sector is under great pressure at the moment, and we are seeing a number of corporate failures. This does however mean that for entrepreneurs who know their sectors there are some significant opportunities. We hope that the Hodges brothers are able to use their knowledge and market insight to turn this business around and preserve jobs. We are delighted to have been part of this last minute rescue.”
Nick Johnson, partner at Deloitte, added:“I am really pleased for the Hodges family and the Floors-2-Go business. They are so passionate about the business and will transform the UK flooring market .”
Tagged as: floors 2 go | eversheds | deloitte | kroll
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