Birmingham-based Floors-2-Go has been bought out of administration by its founding family. Brothers Robert and Richard Hodges declined to say how much they paid to take the business back under their control.
Birmingham-based Floors-2-Go has been bought out of administration by its founding family. Brothers Robert and Richard Hodges declined to say how much they paid to take the business back under their control.
The Hodges family founded the business in 1999 and floated it on the stock market in 2004. Floors-2-Go was subsequently bought in a £52.4 million management buy-out backed by private equity group Alchemy before going into administration in July.
The rescue package agreed with the administrators was said to have saved more than 200 jobs. The administrators had closed 41 of the 132 stores and made 91 staff redundant, but had maintained trading.
Robert Hodges said: “We are delighted to have saved the jobs of so many of the Floors-2-Go team and to be able to provide the British public with a real alternative to the big stores when beautifying their homes.”
The brothers have bought 80 stores of Floors-2-Go across England and Wales. They will run the business alongside their new FloorMyHome business that they founded in March.
