It looks as though the longest running retail SALE has finally come to and end as Allied Carpets went into administration today. The UKs second largest flooring retailer appointed business restructuring firm BDO Stoy Hayward as administrator.
Fifty one of the groups 217 stores were immediately sold back to Allied Carpets Retail Ltd, a new company formed by the previous management and owners Valco Capital Partners. The sale of the most profitable part of the business, one assumes, will safeguard 400 jobs.
The new company is also negotiating with landlords at ’some’ of the other 166 outlets, while BDO are searching for a buyer for the rest of the discount carpet business. A further 1,100 staff are employed at the remaining branches.
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1 UK Business:Allied Carpets make 850 redundant | UK Business News // Aug 14, 2009 at 11:30 am
[...] Allied Carpets went into administration a month ago when the management team immediately formed a new company to cherry pick the profitable parts of the business from the administrator BDO Stoy Hayward. [...]