Turnaround investor Endless has completed its second deal in a week by snapping up struggling business Bathstore, a UK bathroom retailer.
Following on from its purchase of formerly Kodak-owned Cinesite for an undisclosed amount, Endless has acquired Bathstore from Wolseley.
Headquartered in Watford and with sales of £95 million during 2011 but declared assets of £2 for the financial year ending 31 July 2010. The sale, for which financial details have not been released, has come about after Wolseley decided the business was non-core to its operations.
On the back of the transaction, Endless has invested £11 million of new capital in Hertfordshire-headquartered Bathstore, in what it describes as ‘a commitment to developing the store estate and driving the e-commerce offering’.
Garry Wilson, managing partner at Endless, comments, ‘Bathstore is a great retail brand with a strong market position.
‘Fresh investment and a new status as an independent company will enable the business to focus on its future growth potential.’
Steve Ashmore, managing director of Wolseley UK adds, ‘Wolseley has taken a strategic view in deciding to sell Bathstore.’
‘We believe it is a positive move for Bathstore and its employees and offers the best way forward for them, with an owner that is fully focused on the high street retail market. It is also a positive move for Wolseley going forward as we can concentrate entirely on our core businesses.’
Leeds-based Endless has previously led deals for struggling companies including Crown Paints and British Bookshops & Stationers.