Published on 18 - August - 2008
Founders buy back Floors-2-GoBrothers Robert and Richard Hodges return to business they founded in 1999 and floated on the stock market in 2004.
Brothers Richard and Robert Hodges have bought back 80 Floors-2-go stores pledging to provide Britons with a 'real alternative to the big stores'.
The Brothers who founded the business in 1999 and floated it on the stock exchange in 2004 will run the business alongside another called Floor My Home. The price was not disclosed.
Administrators Kroll, who closed 41 stores last month and shut the remaining 11 over the weekend, said the sale represented the 'best possible outcome for creditors and is a tremendous result for the business, its staff, customers and suppliers'.
Kroll added: "The purchasers have a history in the retail flooring sector and a passion for this business."
In total, 122 staff have been made redundant during the restructuring. And, although Floors-2-Go was cash rich, it broke the covenants made with bankers National Australia Bank.
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