Published on 23 - April - 2012
Floors-2-Go buys Allied Floors out of administrationFlooring retailer bought as a going concern within hours of appointing administrators on Friday.
Geoff Bouchier and Matt Bond, of financial advisory and investment banking firm Duff & Phelps, were appointed joint administrators on April 20, 2012.
Immediately following their appointment, a sale of the business and certain assets of the company was completed to General George, a group of companies, which is part of the Floors-2-Go Group. The deal included nine Allied stores located throughout the UK.
Duff & Phelps' Geoff Bouchier said: "We are pleased to have completed a going concern sale of the business which has resulted in the continued of operation of all nine stores and saved 41 jobs,"
He added: "The purchaser has also agreed to honour all current outstanding customer orders as part of the sale."
Allied was incorporated in 2011 and operated under three brands: Allied Carpets, General George and Weaver & Black. Meanwhile, Birmingham flooring firm Floors-2-Go was itself bought out of administration last August in a pre-pack deal.
Having entered into administration for the second time in three years, Floors-2-Go was acquired by a newly incorporated company headed by former directors David Vizor and Parjinder Sangha.
The administration resulted in the closure of 53 Floors-2-Go stores, and the loss of 192 jobs. Administrators were able to secure a sale for the continued trading of 35 stores and, in turn, the jobs of 162 Floors-2-Go employees. The purchaser, Nixon & Hope was a firm formed that month by former Floors-2-Go directors Parjinder Sangha and David Vizor.
Mr Parjinder and Mr Vizor are both directors of General George Founders Ltd, which was incorporated on March 26 of this year. They are also listed as directors of General Geoare South Ltd and General George North Ltd.
Meanwhile, General George Carpets and General George Flooring, both incorporated last July and with their registered address changed to Allied House in Orpington, at the same time, list Alan Fernback as their sole director. Mr Fernback is a former director at a number of furniture retailers, including the collapsed Landmark Furniture and New World of Leather chains.
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