Floors-2-Go
| Retail | |
| Industry | Retail trade |
| Founded | 1999 |
| Headquarters | Birmingham, United Kingdom |
Number of locations | 30 (2015) |
Area served |
United Kingdom Northern Ireland |
Key people |
Robert Hodges Richard Hodges |
| Products | Flooring |
| Website |
www |
Floors-2-Go is a wood flooring retailer in United Kingdom, first established in 1999. In April 2012, the company's affiliates took over Allied Carpets, in a pre pack administration deal.[1]
History
Floors-2-Go began as a family business in 1999, with the first store opening in Birmingham. In April 2004, the firm floated on the London Stock Exchange. This saw the firm evolving from cash and carry type warehouses, to retail superstores.[2] In August 2005, Floors-2-Go opened the first stores in Northern Ireland.[3]
In November 2005, Floors-2-Go announced an expansion target for stores around 350.[4] In December 2006, it was bought for £52.4 million, by directors and private equity firm Alchemy Partners.[5] The sale was completed in February 2007.[6] In December 2006, during the sale, the firm applied for the cancellation of trading on the London Stock Exchange.[7] This effect took place in February 2007.
In 2009, Floors-2-Go made pre tax profits of £764,538, with sales totalling almost £34 million.
Administration
In July 2008, the firm first entered administration, after the firm became a victim of the then struggling housing market.[8] The administrators, Kroll immediately closed forty one of the group's stores, which were around 132, consequently cutting ninety seven of the chain's then staff, which were around 450. However, the firm was later saved, preventing the firm from no longer trading.
In August 2011, however, the firm entered administration for the second time. Senate Recovery the administrators, closed fifty three stores immediately.[9] The administrators managed to save jobs around 162, as well as thirty five stores, thus saving the firm as a whole.[10]
In July 2014, the now struggling firm entered administration for a third time. MB Insolvency were appointed administrators, and managed to save jobs, which were around 162.[11] However, the number of stores have been gradually reduced. In November 2015, the business entered administration for a fourth time, with a jail threat to the brothers whom own the chain.[12]
References
- ↑ "Floors-2-Go affiliate buys Allied Carpets". Financial Times. 23 April 2012. Retrieved 1 May 2015.
- ↑ "First Day of Dealings". Financial Times. 1 April 2004. Retrieved 2 May 2015.
- ↑ "Floors-2-Go lands in Northern Ireland". Retail Week. 9 September 2005. Retrieved 1 May 2015.
- ↑ "Floors-2-Go expansion on target for 350 stores.". business.highbeam.com. 4 November 2005. Retrieved 2 May 2015.
- ↑ "UPDATE 1-Alchemy to buy Floors-2-Go for 52.4 mln stg". 13 December 2006. Retrieved 1 May 2015.
- ↑ "Floors 2 Go in £54.2m buyout". Manchester Evening News. 15 February 2007. Retrieved 2 May 2015.
- ↑ "Cancellation of Admission". www.investegate.co.uk. 3 January 2007. Retrieved 1 May 2015.
- ↑ "Flooring chain calls in administrators". 23 July 2008. Retrieved 2 May 2015.
- ↑ "Floors 2 Go collapses for the second time in three years". This is Money. 25 August 2011. Retrieved 1 May 2015.
- ↑ "Floors-2-Go jobs saved after administration". The Telegraph. 26 August 2011. Retrieved 2 May 2015.
- ↑ "Floors-2-Go in administration for third time". The Journal. 16 July 2014. Retrieved 1 May 2015.
- ↑ "Floors-2-Go brothers face threat of jail". BM Magazine. 9 November 2015. Retrieved 7 November 2016.