Tue, 09 May 2017 | ADMINISTRATION
Administrators appointed to struggling Liverpool DIY store Rapid Discount Outlet are seeking a buyer for the business.
Rapid, based on Basnett Street near the city’s St Johns Shopping Centre, opened in 2013 after previous company Rapid Hardware collapsed.
Administrators Duff & Phelps said the shop would continue to trade while a buyer for the business and its assets is sought.
Rapid sells a wide range of DIY and household items, including garden furniture, power tools, lighting, flooring and furniture.
According to the Liverpool Echo, the original Rapid Hardware was established in 1971 and was a popular destination for shoppers.
In 2010 it moved from its Renshaw Street site to Basnett Street before falling into administration in 2013, with more than 100 staff losing their jobs. Weeks later its former owners reopened the store as Rapid Discount Outlet.
The Echo reported that staff had been told that Rapid had fallen into administration with its affairs being handled by Duff & Phelps, with managing directors Philip Duffy and Sarah Bell appointed joint administrators.
In a statement they said: “The administrators are reviewing the financial position of the business, with a view to continuing to trade to enable the business and assets to be sold.”
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Indicative offers are required by close of business Monday 20th July. Long established business, founded in 1996. Good core, repeat business customers. Bonded warehouse. Established brand name.
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