Wed, 04 May 2011 | ADMINISTRATION
Focus DIY has announced its intention to enter administration and its directors have asked for its lenders’ consent to bring in Ernest & Young as the administrators.
The move comes after “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.”
The stakeholders and staff are being informed of the move, it was reported.
The present owner private equity firm Cerberus acquired the DIY and gardening product supplier in 2007 for £1. Focus had £174 million of debts at the time, which Cerberus said it would pay off.
Founded by Bill Archer in 1987 with six stores, the chain has grown to 178 stores located across England, Scotland and Wales, with a workforce of over 3,900.
This growth can be partly attributed to acquisitions including Do It All Limited in 1998 and Great Mills in 2000. It bought Wickes PLC in September 2000, before selling it on to Travis Perkins in 2005.
Products sold by DIY Focus include decorating materials, tools, doors and timber, furniture, garden furniture, bathrooms and kitchens, and electricals.
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