Administrators take control at Homebuy

PricewaterhouseCoopers administrators have confirmed their appointments at
AIM-listed retailer Homebuy, following reports earlier today that the company
would enter into administration.

Following an inability to obtain additional funding, Homebuy appointed David
Hargrave, Rob Hunt, Graham Martin and Zelf Hussain from PwC as adminstrators.

Hargrave said that despite the company’s ‘remarkable sales growth’ over the
last two years, which saw it report unaudited turnover of £93m for 20005-2006,
its inability to raise funding to enable it to trade had been the fundamental
issue faced by the business.

‘One of our key priorities is to attract either a new investor or a sale of
the business as a going concern to ensure the business is appropriately funded
and can continue to develop in its marketplace,’ said Hargrave.

The company employs 1,500 people across the UK. 

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