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.
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.