Powerhouse shops sold

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The Independent Online
Hanson announced yesterday that it has sold its Powerhouse chain of electrical shops to the group's management for an undisclosed sum, writes Nigel Cope. The deal - which saves 1,400 jobs - includes 94 high street shops and 28 out of town superstores in the Midlands, Home Counties and Eastern England.

The previously announced closure of the remaining 195 Powerhouse stores, and the loss of more than 2,000 jobs will still go ahead in June. Hanson acquired the chain as part of its takeover of Eastern Electricity last year.

The management team is led by chief executive Glyn Moser, a former managing director of Radio Rentals, backed by BZW private equity and the Royal Bank of Scotland. The business will have a turnover of pounds 114m.