Floors-2-Go
| Retail | |
| Industry | Retail trade |
| Founded | 1999 |
| Headquarters | Birmingham, United Kingdom |
Number of locations | 30 (2015) |
Area served |
United Kingdom Northern Ireland |
| Products | Flooring |
| Slogan | The Wood Flooring Experts |
| Website |
www |
Floors-2-Go is a wood flooring retailer in United Kingdom, first established in 1999. In April 2012, the company's affiliates took over Allied Carpets, in a pre pack administration deal.[1]
History
Floors-2-Go began as a family business in 1999, with the first store opening in Birmingham. In April 2004, the firm floated on the London Stock Exchange. This saw the firm evolving from cash and carry type warehouses, to retail superstores.[2] In August 2005, Floors-2-Go opened the first stores in Northern Ireland.[3] In November 2005, Floors-2-Go announced an expansion target for 350 stores.[4] In December 2006, it was bought for £52.4M, by directors and private equity firm Alchemy Partners.[5] The sale was completed in February 2007.[6]
In December 2006, during the sale, the firm applied for the cancellation of trading on the London Stock Exchange.[7] This effect took place in February 2007. In 2009, Floors-2-Go made pre tax profits of £764,538, with almost £34M sales.
Administration
In July 2008, the firm first entered administration, after the firm became a victim of the then–struggling housing market.[8] The administrators, Kroll immediately closed 41 of the group's then–132 stores, cutting 97 of the chain's then–450 staff. However, the firm was later saved, preventing the firm from no longer trading. In August 2011, however, the firm entered administration for the second time. Senate Recovery the administrators, closed 53 stores immediately.[9] The administrators managed to save 162 jobs, as well as 35 stores, thus saving the firm as a whole.[10]
In July 2014, the now–struggling firm entered administration for a third time. MB Insolvency were appointed administrators, and managed to save 162 jobs.[11] However, the number of stores have been gradually reduced.
References
- ↑ "Floors-2-Go affiliate buys Allied Carpets". Financial Times. 2012-04-23.
- ↑ "First Day of Dealings". Financial Times. 2004-04-01.
- ↑ "Floors-2-Go lands in Northern Ireland". Retail Week. 2005-09-09.
- ↑ "Floors-2-Go expansion on target for 350 stores.". 2005-11-04.
- ↑ "UPDATE 1-Alchemy to buy Floors-2-Go for 52.4 mln stg". 2006-12-13.
- ↑ "Floors 2 Go in £54.2m buyout". Manchester Evening News. 2007-02-15.
- ↑ "Cancellation of Admission". 2007-01-03.
- ↑ "Flooring chain calls in administrators". 2008-07-23.
- ↑ "Floors 2 Go collapses for the second time in three years". This is Money. 2011-08-25.
- ↑ "Floors-2-Go jobs saved after administration". The Telegraph. 2011-08-26.
- ↑ "Floors-2-Go in administration for third time". The Journal. 2014-07-16.