Focus DIY - which operates store in Fenland - calls in administrators
FOCUS DIY – which runs a store in Fenland – is set to go into administration.
The move to appoint Ernst & Young as administrators came after the company, which operates a store in March, suffered a breach of its credit facilities.
A statement on the Focus DIY website said: “Following notification of an event of default under the senior credit facility, and a realisation that there were no alternatives that could be explored any further, Focus directors have come to the conclusion that to protect the interests of creditors they have no choice but to seek protection through filing a notice of intention to appoint administrators.
“The Directors have sought consent from the business’s lenders to appoint E&Y as the administrators. All stakeholders including staff are being informed.”
Focus, formed by Bill Archer and a former business partner in 1987, operates more than 175 stores across the country. The business grew through a number of acquisitions, including Do It All Ltd in 1998 and Great Mills in 2000.
In 2007 the company was sold to Cerberus and Bill Grimsey, a former Iceland boss, for �1.
At the time of purchasing Mr Grimsey said: “Focus has the potential to be one of the most successful operators in the DIY sector.” However, debts stood at �230million in the 2009 accounts.
