Focus DIY Sold For £1.00 Lol - 18th Jun 2007 5:39pm
Originally Posted by BBC News
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.
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