Floors-2-Go

Floors-2-Go

Floors-2-Go

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Floors-2-Go was a wood flooring retailer in the United Kingdom, established in 1999. In 2012, the company's affiliates took over Allied Carpets in a pre-pack administration deal.[1]

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History

Floors-2-Go, Newport, August 2009
Floors-2-Go, Cardiff, September 2009
Floors-2-Go, Basingstoke, January 2008

Floors-2-Go was founded in 1999 as a family business, with the first store opening in Birmingham. In 2004, the firm floated on the London Stock Exchange. This saw the firm evolving from cash-and-carry (wholesale)-type warehouses to retail superstores.[2]

In 2005, Floors-2-Go opened its first stores in Northern Ireland.[3] Later that year, the company announced plans to expand to around 350 stores.[4]

In 2007, Floors-2-Go was sold for £52.4 million to its directors and private equity firm Alchemy Partners, at which point is ceased trading on the London Stock Exchange.[5]

Administration

In 2008, the firm entered administration for the first time, with its business hit by a slump in the housing market.[6] The administrators, Kroll immediately closed 41 of the group's stores, which numbered 132 at the time. This resulted in 97 redundancies from a workforce of around 450 [citation needed].

The firm was saved but entered administration for a second time in 2011. Senate Recovery, the administrators, closed a further 53 stores, but retained 35.[7]

In 2014, the business entered administration for the third time. MB Insolvency were appointed administrators, and made a further reduction in the number of stores and staff...[8] However, the business re-entered administration the following year, this time with a jail threat to the brothers who owned the chain.[9]

The company was eventually dissolved in 2017.[10]

References

  1. [1]
    "Floors-2-Go affiliate buys Allied Carpets". Financial Times. 23 April 2012. Retrieved 1 May 2015.
  2. [2]
    "First Day of Dealings". Financial Times. 1 April 2004. Retrieved 10 October 2019.
  3. [3]
    "Floors-2-Go lands in Northern Ireland". Retail Week. 9 September 2005. Retrieved 10 October 2019.
  4. [4]
    "Floors-2-Go expansion on target for 350 stores". business.highbeam.com. 4 November 2005. Archived from the original on 12 March 2016. Retrieved 10 October 2019.
  5. [5]
    "Floors 2 Go in £54.2m buyout". Manchester Evening News. 15 February 2007. Retrieved 2 May 2015.
  6. [6]
    "Flooring chain calls in administrators". TheGuardian.com. 23 July 2008. Retrieved 10 October 2019.
  7. [7]
    "Floors-2-Go jobs saved after administration". The Telegraph. 26 August 2011. Retrieved 10 October 2019.
  8. [8]
    "Floors-2-Go in administration for the third time". The Journal. 16 July 2014. Archived from the original on 25 July 2014. Retrieved 10 October 2019.
  9. [9]
    "Floors-2-Go brothers face threat of jail". BM Magazine. 9 November 2015. Retrieved 7 November 2016.
  10. [10]
    "Floors 2 Go Limited". Companies House. Retrieved 22 February 2019.
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