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Godfrey DIY owner revives stores in liquidation buyout

Published: 7 February 2013
Md Barry Godfrey buys DIY businesses in Diss and Stowmarket from liquidators under his new company Harvey House Retail.

Mr Godfrey bought the two stores and assets as going concerns during a creditors meeting with insolvency specialists McTear Williams & Wood on January 30.

Godfrey DIY appointed liquidators on January 21, after plans to downsize its Norwich store and streamline operations across the board failed to secure the future of the business. At the time, liquidators revealed there were already hopes that two of the three branches may survive.

According to Companies House, Mr Godfrey's new firm Harvey House Retail was incorporated on January 17, ahead of the creditors meeting last week.

While the latest move by Mr Godfrey has saved the Diss and Stowmarket operations, a question mark lingers over the future of the remaining store in Norwich. Talking to DIY Week last month, Mr Godfrey said: "It was becoming increasingly challenging to make our Norwich store viable." However, the plan was to continue to trade the other two stores, which have fared better in the tough climate. Last year, Godfrey DIY reported a turnover of £5m.

According to reports in the local press, Mr Godfrey plans to save 15 jobs across the two stores and is in the process of re-stocking the branches following a huge clearance sale as part of the liquidation process.

Watch diyweek.net for further updates.

Comments

Published prior to March 2014
By David Smith
I don't blaim Barry Godfrey doing what the big boys do when they go bust - start again with almost a clean slate, perhaps save a few jobs with the main losers being the 300 or so suppliers who, mostly, work on a tight margin.

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