steward 433
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Focus DIY in andministration
- Thread starter steward 433
- Start date
Paskman
Not a user
On the Left Wing
KIT NAPIER
BBC News - Focus DIY seeking administration
The Focus DIY chain has said it intends to go into administration.
The move follows "notification of an event of default under the senior credit facility, and a realisation that there were no alternatives that could be explored any further".
Focus DIY was founded by Bill Archer in 1987, with six stores in the Midlands and the north of England.
The company now has 178 stores in England, Scotland and Wales, and employs more than 3,900 staff.
Focus said its directors had sought consent from the firm's lenders to appoint Ernst & Young as the administrators.
All stakeholders including staff are being informed.
Focus used to own the Wickes chain, which it bought in September 2000 before selling it in February 2005 to Travis Perkins.
Private equity firm Cerberus bought Focus in 2007 for £1. It was heavily indebted at the time and Cerberus said it would pay off the firm's £174m of debts.
The Focus DIY chain has said it intends to go into administration.
The move follows "notification of an event of default under the senior credit facility, and a realisation that there were no alternatives that could be explored any further".
Focus DIY was founded by Bill Archer in 1987, with six stores in the Midlands and the north of England.
The company now has 178 stores in England, Scotland and Wales, and employs more than 3,900 staff.
Focus said its directors had sought consent from the firm's lenders to appoint Ernst & Young as the administrators.
All stakeholders including staff are being informed.
Focus used to own the Wickes chain, which it bought in September 2000 before selling it in February 2005 to Travis Perkins.
Private equity firm Cerberus bought Focus in 2007 for £1. It was heavily indebted at the time and Cerberus said it would pay off the firm's £174m of debts.
robbie c
Member
we could knock the Goldstone Retail park down and build a football ground!
Sussex Nomad
Well-known member
Didn't he sell Wickes way above the valuation... 700 mill or something?
bhaexpress
New member
The reason they are in administration is that they are piss poor compared to firms like Homebase and B & Q, still, feel sorry for the employees who will lose their jobs.
Employees always get paid first.
beorhthelm
A. Virgo, Football Genius
- Jul 21, 2003
- 35,993
Norman Potting
Well-known member
If we had a whip round could we raise £56 something and buy it?
Well I'm pissed off as we only have Focus in Burgess Hill and the closest DIY store will now be in Brighton.
This made me larf when I thpought back to 1997 and applied it to BHAFC instead of Fukoff DIY
"We're seeing consumers adjusting their behaviour to take account of having less money and less job security," said Richard Hyman, strategic advisor to Deloitte.
We know the feeling
"We're seeing consumers adjusting their behaviour to take account of having less money and less job security," said Richard Hyman, strategic advisor to Deloitte.
We know the feeling
They will have to share with the Gillingham branch
Hassocks has a DIY store, and there's a large concern in Cooksbridge a few miles North outside of Lewes!
I would have thought a little research could have revealed that much - and I'm just telling you those off the top of my head because there are probably others.
IF you mean 'no huge superstore nearer than Brighton' then tuff - the smaller stores exist and you can use them.
portlock seagull
Well-known member
- Jul 28, 2003
- 17,739
Archers bound to have lost some money though. Which is nice. Ow and try your local independent hardware shop - usually a lot better and cheaper you lot in burgess hill!
HoveHorace
Premiership please !
Surely the Selhurst store will be the first to go - but it will not be their fault of course !
BensGrandad
New member
The options open to you unfortunately are to use small expensive DIY stores like Upstairs Down Stairs but I would think one of the effiocient big chain stores like B & Q will look at buying that particular branch as it will be cheap and their nearest stores are Brighton or Crawley.
BensGrandad
New member
That is very true expensive with a poor product range in comparison to others.
bhaexpress
New member
The nearest DIY to me is a Mucus but as I say, it's useless.
bhaexpress
New member
I would have thought that the Selhurst one is very safe, they have plenty of people who can give them good advice about ducking payments and issues living nearby.