The Manchester office of national law firm Shoosmiths has advised on a rescue deal for a flooring business with more than 20 stores across the country.
Taylor Grange Retail Limited, a new business set up by the owner of long-standing client, property development company Taylor Grange Developments, has acquired 22 shops and associated websites from the administrators of Anbo International and Flooring Republic Limited, which traded as Flooring Republic on the high street and Posh Floorings online.
The businesses, which sold laminate, wood, parquet and vinyl flooring and accessories, were placed into administration on May 29 and the deal to acquire the assets was completed on June 1.
The acquisition has saved more than 30 full time jobs at shops in Wolverhampton, Southampton, Preston, Plymouth, Newport, Birmingham, Leicester, Leeds, Hull, Cross Hands, Coventry, Cardiff, Blaydon, Swansea, Cambridge and Basildon.
Based in Birmingham, Taylor Grange Retail has recruited an experienced management team to take the business forward.
Director of Taylor Grange Retail, Karen Clack who said: “We are well funded by Rakesh Doal, the founder of Taylor Grange, and we have ambitious plans to get this business back on track with a major rebrand and £1m of new stock going in to the shops. We have negotiated deals for a number of exclusive products from international suppliers new to the UK market.
“We plan to open another seven shops this year and 30 next, with the ultimate goal of growing to 120 locations, which we feel will be the optimum number.
“The difficulties of the retail sector have been well-documented, so it is great to have a positive story to tell.”
A corporate team comprising partner Karen Procter and senior associate Anna Kerrane and a real estate team led by partners Vaqas Farooq and Lisa On-Iam advised Taylor Grange Retail on the acquisition.
Karen Procter said: “This was a complex transaction completed within a short time frame and we are delighted to have worked on a deal that has secured the future of a number of stores at a time where we continue to see significant numbers of retailers struggling.
“Our real estate and corporate teams worked seamlessly against the clock to deliver this positive outcome and we wish the experienced team all the best as they move from recovery and into growth mode.”