FOLLOWING THE COLLAPSE of Focus DIY, administrators from FRP Advisory have been called to distributors Proteam UK.
Jason Baker and Geoff Rowley, partners at FRP Advisory, were appointed yesterday to the Tonbridge-based company, which supplies products to DIY stores and supermarkets.
Commenting on the reasons for the administration, Baker (pictured) said: “A large proportion – approximately 35 percent – of Proteam UK’s sales came from Focus, the DIY chain, which itself entered administration in May 2011.
“As a result of the loss of sales from this major client, Proteam UK experienced serious liquidity problems and was unable to continue to trade without the protection of administration.”
Ernst & Young administrators were appointed to Focus DIY in May this year. They were able to sell 55 stores out of 178 to various outlets including Kingfisher and Wickes. The administrators are in discussions to close the retail chain.
FRP Advisory administrators will continue to trade Proteam UK, which has 50 staff, while seeking a buyer. There are no planned redundancies.
FRP Advisory sells business and assets of Harland Machine Systems Limited to Accraply Europe Limited
Manufacturer DMG Steelworkers has been sold out of administration in a pre-pack deal by insolvency and restructuring firm CVR Global
By threatening creditor returns, the government could undermine the UK’s World Bank insolvency ranking and cost creditors £8m a year, trade body R3 warms
Lee De’ath and Richard Toone, partners at CVR Global, were appointed joint-administrators of Lexden Centre (Oxford) Limited, trading as Colchester English Study Centre (CESC), on 29 June 2016