Floors-2-Go shuts up shops in the Midlands
Thursday 25 August 2011
Floors-2-Go, the floor covering retail specialist, was back in the spotlight last night following its decision to close a number of shops in the West Midlands.
The 94-store retailer is thought to be planning a restructuring to turn around its fortunes and has been linked to London-based risk and restructuring firm Resolve.
Floors-2-Go's management did not return calls yesterday but the company said it planned to issue a statement last night. Resolve refused to comment.
Its shops in Bilston, Oldbury and Great Barr were not trading yesterday. Stock had been cleared from the Bilston store.
A number of directors have also left Floors-2-Go in recent months. Jim Hodkinson, who joined as chairman in January, left in May. Mr Hodkinson declined to comment. Other directors, Michael Coleman and Parjinder Sangha, are also thought to have left.
Floors-2-Go previously fell into administration in 2008, when it was backed by the private equity firm Alchemy Partners. The original founders of the chain, the Hodges family, then bought it back in 2009.
The current trading of Floors-2-Go is unclear, but a number of home improvement and furniture chains have suffered a torrid year. Focus, the fourth biggest player in the DIY market, collapsed into administration earlier this year and the UK arm of Habitat suffered a similar fate in June. Home Retail Group, the owner of Argos and Homebase, bought three Habitat shops and the brand out of administration.
The latest results for the company behind Floors-2-Go are only for the year to July 2009. The accounts are for Floor My Home, an eight-store retailer run by the Hodges family that acquired 81 Floors-2-Go shops. According to the accounts for Floor My Home, the group actually made a profit of £764,500, on sales of £34m over the year to 31 July 2009.
In January, Floors-2-Go unveiled a £3.25m injection from the investment vehicle Hotbed. At the time, the retailer said it planned to use the funds to open 60 new shops.
- 1 Howard Jacobson: Let's see the 'criticism' of Israel for what it really is
- 3 Belgium fan Axelle Despiegelaere lands L'Oreal campaign after World Cup viral photo
- 4 Britney Spears sings 'Alien' without Auto-Tune in embarrassingly brilliant leaked audio clip
- 5 PornHub begs users to stop uploading video clips of Brazil getting beaten 7-1
Game of Thrones author George RR Martin says 'f*** you' to fans who fear he will die before finishing Westeros saga
Instagram of US airport security chiefs: Lipstick knives and IED training kits among items seized
‘Ryan Gosling got someone pregnant and it's not me. Brazil you think you’re devastated…’
Israel-Palestine crisis: ‘We just want it to end… We don’t deserve to live like this’
Israel-Palestine crisis: Eight killed in Gaza Strip cafe while watching World Cup semi-final
Sustained immigration has not harmed Britons' employment, say government advisers
Australia facing international condemnation after turning around Sri Lankans at sea
7/7 memorial defaced on anniversary of 2005 attacks with ‘Blair lied thousands died’ graffiti
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
There’s a nasty smell in the political air – and it’s coming from the Tories
Vanessa Feltz criticises 'vile' reaction to Rolf Harris allegations
iJobs Money & Business
£60000 - £75000 per annum: Harrington Starr: Business Analyst Consultant (Fina...
£60000 per annum: Harrington Starr: A leading provider in investment managemen...
£600 - £700 per day: Harrington Starr: AVS, JVS Openlink Endur Developer JVS, ...
£30000 per annum: Harrington Starr: A global leader in trading platforms and e...