Thu, 27 Jun 2019 | ADMINISTRATION
With 135 stores dotted around the country, and thought to be the largest of its kind in the UK, specialist bathroom retailer Bathstore has collapsed into administration on 26 June 2019.
The company, which is continuing to trade during the insolvency period, was forced to call in business restructuring specialists BDO LLP to handle the administration, with partners Ryan Grant and Tony Nygate appointed as joint administrators.
Headquartered in Welwyn Garden City, Hertfordshire, Bathstore was faced with the same tough trading conditions that have hit a number of major retailers on UK high streets.
The company’s most recent accounts, in the year ending 31 July 2017, revealed sales of more than £140 million, but with a pre-tax loss of £22 million.
Grant commented: “Despite significant investment into the business over the past five years, Bathstore has struggled to overcome the well-documented challenges facing the UK retail sector.
“The appointment was made after several months of difficult trading, and the failure of ongoing talks to find a buyer for the business. Bathstore is continuing to trade in administration, whilst the administrators seek a buyer.
“Subject to available stock, Bathstore is expecting to be able to satisfy the majority of outstanding customer orders, with the support of key stakeholders.
“However, all installation services have ceased with immediate effect.”
Bathstore was founded in 1990 by Patrick Riley and Nico de Beer with its first store in Croydon. In 2014, Arkansas-based bank Stephens funded a management buyout for an undisclosed price, but its owner and American billionaire, Warren Stephens, refused to foot the company more cash to prevent insolvency.
The bathroom retail sector is estimated to be valued at £1 billion but has recently been hit by a slow-down in the housing market, paired with weak consumer confidence.
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