A national carpet and floorings retailer has expanded its operations in the northeast after buying a chain of carpet shops. Carpetright bought Storey Carpets from the family of Paul Heptinstall, who established the business almost 90 years ago.

A national carpet and floorings retailer has expanded its operations in the northeast after buying a chain of carpet shops. Carpetright bought Storey Carpets from the family of Paul Heptinstall, who established the business almost 90 years ago.

The deal was agreed for £18.5 million, which was paid on completion in cash and £500,000 worth of shares. The terms included a deferred payment of £1 million.

Storey’s brand will be retained but the business will now be led by Carpetright’s European chief executive, John Kitching. He will be assisted by Storey’s existing management team, which includes Simon Heptinstall, the founder’s grandson.

Carpetright trades throughout the UK and Ireland, and has 89 stores in Belgium and the Netherlands. This deal has increased the number of stores in the UK and Ireland to more than 560.

Storey has branches in County Durham, Teesside, Tyne and Wear, Northumberland and Cumbria operating under the Walter Wall, Woodland Floors and UKCarpetsDirect.com brands. In the year to February 2006, it made a pre-tax profit of £655,000 from a £32.8 million turnover.

The acquirer was advised by law firm Travers Smith, led by partner Oliver Barnes, with the Heptinstall family supported by Alan Fletcher of Eversheds LLP.