Administrators sell 80 Floors-2-go stores

Administrators for Floors-2-Go have sold 80 of the flooring retailers 132 stores back to the founders of the business.

Kroll partner Fraser Guy said: 'In what has been a turbulent period for retailers, this sale represents the best possible outcome for creditors and is a tremendous result for the business, its staff, customers and suppliers. The purchasers have a history in the retail flooring sector and a passion for this business.'

Kroll closed 41 stores last month and shut the remaining 11 over the weekend, The Telegraph reported.

The company went under as a result of the collapsing housing and home improvement market. Floors-2-go was bought in a management buy-out in December 2006, backed by Jon Moulton's private equity group Alchemy Partners.

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