BusinessBusiness RecoveryKingfisher buys 31 Focus DIY stores for £23m

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.

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