FOLLOWING THE COLLAPSE of Focus DIY, administrators from FRP Advisory have been called to distributors Proteam UK.
Jason Baker and Geoff Rowley, partners at FRP Advisory, were appointed yesterday to the Tonbridge-based company, which supplies products to DIY stores and supermarkets.
Commenting on the reasons for the administration, Baker (pictured) said: “A large proportion – approximately 35 percent – of Proteam UK’s sales came from Focus, the DIY chain, which itself entered administration in May 2011.
“As a result of the loss of sales from this major client, Proteam UK experienced serious liquidity problems and was unable to continue to trade without the protection of administration.”
Ernst & Young administrators were appointed to Focus DIY in May this year. They were able to sell 55 stores out of 178 to various outlets including Kingfisher and Wickes. The administrators are in discussions to close the retail chain.
FRP Advisory administrators will continue to trade Proteam UK, which has 50 staff, while seeking a buyer. There are no planned redundancies.
UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report
Mid-sized British firms are currently growing faster and generating more profit than their counterparts in Germany, France, Italy and Spain, despite uncertainty surrounding Brexit, says the report
UK private investor Endless LLP acquires the high street retailer, saving 840 jobs
Three new partners and seven business restructuring advisers have been appointed to the new Preston office
Political and economic uncertainty behind the fall in confidence