MSE News: Missing cash fears after Focus DIY administration

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Wickes to buy 13 Focus shops from administrator

Wednesday 18th May 2011, 12:54am GMT

FOCUS DIY’s administrators yesterday agreed the sale of 13 stores to Wickes Building Supplies, saving 345 jobs in the process.

Ernst & Young said it was in “detailed discussions with a number of interested parties” over the sale of further stores.

Focus went into administration earlier this month after being hit by the weak housing market. B&Q-owner Kingfisher has already agreed to buy up to 31 stores for £23m. Ernst & Young said all 178 Focus stores remained open for business.

See: http://www.cityam.com/news-and-analysis/wickes-buy-13-focus-shops-administrator
And: http://www.dailymail.co.uk/money/article-1387948/Wickes-owner-Travis-Perkins-buys-Focus-DIY-chain-administrators.html?ito=feeds-newsxml

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More Focus DIY stores sold off

May 20 2011 by Belinda Ryan, Crewe Chronicle

ADMINISTRATORS Ernst & Young have today (Friday) sold off 11 more Focus DIY stores.

The stores, together with associated employees, have been sold to Lancashire-based variety retailer B&M Retail Limited.

Joint administrator Simon Allport said: “We are delighted to have completed another sale of Focus stores, securing a further 211 jobs.”

On Tuesday it was announced 13 Focus shops had been sold to Wickes. These sales came after the administrators had previously sold off 31 stores to Kingfisher Plc.

Focus DIY, which has its headquarters in Crewe, had 178 stores before it went into administration earlier this month. More than 100 people at the headquarters have lost their jobs.

Commenting on the B&M deal, Joint Administrator at E&Y Simon Allport said: “We are delighted to have completed another sale of Focus stores, securing a further 211 of jobs.”

B&M Bargains already runs over 230 stores across Great Britain and employs more than 7,000 staff.

Home & DIY is a slow growth, highly competitive market, and it was perhaps no surprise that Focus DIY failed because trading levels have been declining at the retailer for some time.

There are still over 100 of its stores to offload though, with companies such as home and garden product specialist The Range already having shown an interest in completing deals for the right price.


http://www.crewechronicle.co.uk/crewe-news/local-crewe-news/2011/05/20/more-focus-diy-stores-sold-off-96135-28731850/
http://www.retailgazette.co.uk/articles/14004-focus-diy-sells-11-stores-to-bm
http://www.mirror.co.uk/news/city-news/2011/05/21/more-than-200-jobs-saved-as-bargain-chain-b-m-buys-11-focus-diy-stores-115875-23145084/