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Focus DIY seeking administration | Focus DIY seeking administration |
(about 3 hours later) | |
The Focus DIY chain has said it intends to go into administration. | The Focus DIY chain has said it intends to go into administration. |
The move follows "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 move follows "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". |
Focus DIY was founded by Bill Archer in 1987, with six stores in the Midlands and the north of England. | Focus DIY was founded by Bill Archer in 1987, with six stores in the Midlands and the north of England. |
The company now has 178 stores in England, Scotland and Wales, and employs more than 3,900 staff. | The company now has 178 stores in England, Scotland and Wales, and employs more than 3,900 staff. |
Focus said its directors had sought consent from the firm's lenders to appoint Ernst & Young as the administrators. | Focus said its directors had sought consent from the firm's lenders to appoint Ernst & Young as the administrators. |
All stakeholders including staff are being informed. | All stakeholders including staff are being informed. |
"We're seeing consumers adjusting their behaviour to take account of having less money and less job security," said Richard Hyman, strategic advisor to Deloitte. | |
"Six or seven years ago, DIY was the sector in the fast lane, but now it is in the slow lane because people are not moving house." | |
Focus used to own the Wickes chain, which it bought in September 2000 before selling it in February 2005 to Travis Perkins. | Focus used to own the Wickes chain, which it bought in September 2000 before selling it in February 2005 to Travis Perkins. |
Private equity firm Cerberus bought Focus in 2007 for £1. It was heavily indebted at the time and Cerberus said it would pay off the firm's £174m of debts. | Private equity firm Cerberus bought Focus in 2007 for £1. It was heavily indebted at the time and Cerberus said it would pay off the firm's £174m of debts. |
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