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Administrators close 142 Allied Carpets shops

The administrators of Allied Carpets have announced that they are to close the bulk of the remaining stores which have not already been sold.

CITY & CORPORATE

Administrators close 142 Allied Carpets shops

The administrators sold 51 stores sold to Allied Carpets Retail Limited, and Allied Carpets' insurance inspection business was sold to Allied Carp
ets Inspections Limited. The administrator said the sales would protect more than 400 jobs. A further four stores were sold to Allied Carpets Retail Limited.

Dermot Power, business restructuring partner at BDO Stoy Hayward, said: 'The particular struggle of retail businesses in the current economic climate and the stagnation of the housing market have clearly played a role in potential investor nervousness about purchasing stores from the Allied portfolio.

'Although we have had a strong level of initial interest in the portfolio, the common concern has been around the lack of visibility of future turnover.

'In addition, many of those who operate in the same industry haven't been comfortable taking the step to extend their current portfolio in such a tough trading climate.

'Although the stores are closed, we are still in negotiations with a number of interested parties. We are also continuing to discuss a change of use acquisition as well as options with some single site acquirers.'

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