UK's Largest Wood Retailer Gets New Owner

Birmingham, England, Aug. 18, 2008--A buyer emerged for struggling flooring firm Floors-2-Go when Robert and Richard Hodges, part of the Hodges flooring and carpeting dynasty, acquired the company from Kroll for an undisclosed sum..

The Birmingham-based group, which is the UK's biggest wood and laminate flooring retailer, called in the administrators last month.

Administrator Kroll said it had sold 80 of the firm's stores to the original founders, securing jobs for 301 staff.

Another 11 shops have been closed, Kroll said.

When Floors-2-Go was put into administration last month, Kroll immediately closed 41 of the group's 132 stores. Sales had been hit by the depressed housing market and a resulting fall in home improvement spending.

Kroll's Fraser Gray said: "In what has been a turbulent period for retailers, this sale represents the best possible outcome for creditors and is a tremendous result for the business, its staff, customers and suppliers.

"The purchasers have a history in the retail flooring sector and a passion for this business."

The Hodges own Floor My Home stores.