The UK’s third largest do it yourself (DIY) retailer, Focus DIY, has received the backing of the UK’s biggest commercial landlords in a rescue plan designed to save the company from going under.
The landlords, who make up the bulk of Focus DIY’s creditors, will join other creditors to vote on the proposed Company Voluntary Arrangement (CVA), which it is hoped will keep the retailer in business.
While Focus DIY is confident that the rescue plan will get sufficient backing, the British Property Federation who represent the UK landlords, have called for tougher controls regarding insolvencies. The call is backed by members Aviva, British Land, Hermes and Land Securities.
Focus DIY is owned by US private equity group Cerberus.
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