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Fads finds a buyer

Published: 19 January 2009
Crewe-based decor retailer snapped up by Strategic Retail director Roy Gabbie for bargain price of just over £1.5m.
Fads finds a buyer
Roy Gabbie will reportedly pay just over £1.5m for the stores he is purchasing in the Fads, Leveys and Texstyle chains.

The Strategic Retail director will acquire more than half of the 47 DIY and soft furnishings shops plus fixtures and fittings via his company Divalimit Ltd. The deal also includes the purchase of company vehicles and stock, which, in addition to the stores, have a book value of £3m.

Fads Trading Ltd, which was acquired by Strategic Retail in 2003, called in administrators on December 12, joining the long line of retailers struggling in today's economic crisis.

Jonathan Avery-Gee, senior partner of accountancy firm Kay Johnson Gee was appointed administrator of the high street retailer.

Gordon Rees of Kay Johnson Gee said of the deal: "We were contacted by an interested party – Divalimit Ltd, who was interested in buying the company.

"An offer was made for the stock, based on the retention of the title. This was accepted by our agents."

Mr Avery-Gee told diyweek.net that 20 Fads stores had closed – some of which are in Scotland and connected with Texstyle World – and around 170 employees had been made redundant.

He added: "Fads is now trading as normal and has taken on about 120 members of staff. As far as the company is concerned this is a good deal."

Comments

Published prior to March 2014
By shane
it was my best ever job it was such a shame when they did go into administration

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