Beds Direct enters administration

Beds Direct becomes the latest casualty of the credit crunch.

Beds Direct has closed more than half of its 42 stores with 9 staff being made redundant. Ross Cannock, a director with administrators
PricewaterhouseCoopers said that an over aggressive expansion strategy was to blame ” They had 20 outlets, expanded to 40 and launched an internet site” After entering administration the management team acquired the remaining assets, forming a new comany called IM GH Ltd, which will continue to trade from 20 sites and online.

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