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.
For more news stories about administrations click here. For all our administrations listings, click here.
Offers an extensive selection of high-quality products from respected brands, operating as a one-stop shop for its clients’ diverse requirements.
LEASEHOLD
Retailer of nearly new designer clothes and handbags for ladies. Trading for 60 years and based in Manchester city centre.
LEASEHOLD
The business strives to offer fantastic services at competitive prices which have contributed to the continued success of the business. This business has established a regular and loyal client base and thrives from word-of-mouth recommendations, enjo...
FREEHOLD
|
06
|
|
May
|
Business travel firm acquires Leeds-based counterpart as sector eyes recovery | BUSINESS SALE
Business travel management firm Good Travel Management has a...
|
05
|
|
May
|
Software company to be acquired at 11.5x multiple | BUSINESS SALE
Listed software firm Proactis Holdings has agreed to be acqu...
|
05
|
|
May
|
Britvic acquires plant-based drinks brand | BUSINESS SALE
Britvic plc has announced the acquisition of plant-based dri...
Sign up to receive our acquisition alert emails to get your FREE guide
|
14
|
|
Jun
|
Bedding retailer fall into administration after running into troubles on the high street | ADMINISTRATION
The Yorkshire Linen company has been forced to shut its door...
|
31
|
|
May
|
Luxury chocolatier enters administration | ADMINISTRATION
A high-end chocolate maker has collapsed into administration...
|
02
|
|
Jul
|
Bathstore sold in an MBO | MBO/MBI
Bathroom retailer Bathstore has been sold in a management bu...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources