Focus DIY was sold today to Cerberus. The private equity firm will pay off debts of £174m to bondholders, and bring in two former Wickes directors.
Bill Grimsey and Bill Hoskins, who led a turnaround at Wickes in the 1990s, will take over the running of the business at the end of July when the deal is formally completed.
Mr Grimsey will assume the position of chief executive once the current ceo, Steve Johnson, departs at the end of next month. Mr Hoskins will be finance director.
Mr Grimsey told the Guardian the company has the 'potential to become one of the most successful operators in the diy sector' with the backing of Cerberus.