Stuart Turner's new firm Turner Intl Limited (TIL) acquires business and assets of Plasplugs three months after it went into administration.
Stuart Turner and his son Neale, both former directors of the firm, have acquired the business and assets of Plasplugs through their newly formed company Turner Intl Limited (TIL).
Plasplugs, founded by Stuart Turner in the early 1970s went into administration in March this year, owing more than £5m in bank loans against a turnover of £18m a year.
In February DIY Week reported that a number of Plasplugs staff arrived at work to find the Burton-on-Trent site deserted, with a hand-written sign in the window that simply read: "shop shut today".
The offices never reopened, with staff left in limbo until administrators MCR were officially called in on March 11.
TIL, of which Stuart Turner will act as chairman and Neale as chief executive, plans to operate the newly acquired Plasplugs at a smaller level than before, taking on between 'two and three dozen' employees - around a third of its previous workforce. It is reported that some former employees will return.
TIL was created by the Turners on January 29, 2009, before Plasplugs had fallen into administration, with a series of new board appointments from February 3.