Zolfo Cooper administrators called to Habitat

ZOLFO COOPER ADMINISTRATORS have been called to furniture retailer Habitat.

Fraser Gray, Peter Savill, Anne O’Keefe and Scott Gailliefrom Zolfo Cooper have been appointed to the business today which has approximately 33 stores in the UK and employs about 870 staff.

Home Retail, the owner of Argos and Homebase, has bought the brand, intellectual property and three central London stores for an estimated £24.5m from private equity owners Hilco. Approximately 130 people will transfer across to Home Retail as part of the sale.

Gray, partner at Zolfo Cooper, said: “The company has been suffering from cash flow difficulties in recent months. This, combined with the current tough trading environment for retailers, has led to the need for our appointment.

“We are pleased to have secured an immediate sale of part of the business which represents the best return available to creditors at the present time.”

“The company will continue to fulfill existing customer orders and honour all vouchers issued prior to the appointment.”

Related reading