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Joined: Aug 2004
Posts: 22,315
Wiki Master
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OP
Wiki Master
Joined: Aug 2004
Posts: 22,315 |
The UK's third-largest DIY chain, Focus, is set to be sold to US hedge fund Cerberus for just £1 after suffering serious financial problems.
Current owners Apax Partners and Duke Street Capital have agreed to sell their Focus shares for a nominal sum to end their involvement with the firm.
The proposed deal would also see Cerberus pay off about £225m in debt amassed by the retailer.
Rising interest rates and a weak DIY market have hurt the 250-store firm.
The proposed takeover would see new management being brought in to run the business, but it is not yet clear what the implication would be for the firm's workforce of more than 7,000. Looooool! BBC News Report
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Joined: Dec 2006
Posts: 847
The IceMan commeth Wise One
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The IceMan commeth Wise One
Joined: Dec 2006
Posts: 847 |
Oooooh! £225Mil debt! no wonder the brombrough one shut and became a tescos home!
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Joined: Nov 2003
Posts: 21,269 Likes: 4
Wiki Master
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Wiki Master
Joined: Nov 2003
Posts: 21,269 Likes: 4 |
Half price garden furniture on the telly lol
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Posts: 2,283
Joined: December 2010
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