Kingfisher buys 31 Focus DIY stores for £23m
Ernst and Young administrators sell 31 Focus DIY stores to B&Q parent company
ERNST & YOUNG ADMINISTRATORS have managed to sell 31 Focus DIY stores to home improvement business Kingfisher for about £23m.
Simon Allport, Tom Jack and Alan Hudson from E&Y were appointed joint administrators earlier this month and continued to trade the retailing business.
Kingfisher is the parent company of B&Q and ScrewFix.
Allport said: “This deal represents an exceptional outcome for creditors of Focus group DIY. The joint administrators will continue to trade all of the group’s stores and will seek further offers for a going concern sale of the group’s business and assets.”
The retailer avoided administration in 2009 when BDO insolvency practitioners achieved a Company Voluntary Arrangement to restructure and repay a percentage of debts over a contracted period of time.
The administrators will be left with 147 stores following completion of the deal.
For more company news, vist Share Price Centre.
