Administrator spends own cash on retailer
In what may be an unprecedented move, DIY retailer Fads has been brought out of insolvency by its own administrator.
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David Mond of accountants Hodgsons has invested £100,000 of his own money into the company, and has persuaded a number of business contacts and friends to do the same, according to the Financial Times.
It reports that Julian Richer, the man behind hi-fi chain Richer Sounds, is one of the investors.
The deal should secure the jobs of 345 Fads employees across 53 stores.