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Retail Spotlight - Moben, Sharps and Dolphin owner collapses into administration

 

Posted At: 27 June 2011 15:39 PM
Related Categories: Administrations, Retail, Store Closures

 

On 22nd June 2011 – Retailer launched a new ad campaign uniting its three brands for the first time. Brands will all feature the same '& You' branding in the new campaign that will communicate the group's half-price sale

On 23rd June 2011 - Homeform has filed a notice to appoint an administrator. Advisers were appointed to sell bathroom retailers Moben and Dolphin in a bid to save its Sharps and Kitchen Direct businesses

On 27th June 2011 – HomeForm collapsed into administration, putting 1,300 jobs at risk

History of Events
October 2002 - The Homeform Group, which operates Moben Kitchens, Kitchens Direct, Sharps Bedrooms and Dolphin Bathrooms introduced a new store format that brings its various brands together within a single store

March 2009 - HomeForm launched its biggest ever in-store spring marketing campaign for its three brands

May 2009 - HomeForm opened concessions in four Bhs Home stores

June 2010 – Group chief executive Tony Vicente and chief financial officer Tim Kowalski left the business amid a difference of opinion with the owners

Oct 2010 - Retailer's new chief executive (Chris Palvlosky) laid out his three-year plan to increase profits and enable an exit for owner Sun European Partners. Looking for a way to contact retailers? please subscribe to SnapShop online at any time or register to receive information packed newsletter for 3 months.

Retailer’s Financial Health (Year Ended 28th March 2010)HomeForm Group

Turnover in the 52 week period of trading was £151.2m (2009 £148.2m). The loss before tax was £6.0m (2009 loss £12.m).

During the period, turnover rose by 2% despite the impact of the UK recession. Through increased operational efficiencies and cost cutting, the company's EBITDA was a profit of £1.0m compared with a loss of £3.4m in the prior year.


Retailer Profile – HomeForm Group

The HomeForm Group is the UK's market-leading specialist retailer of fully fitted home improvement products through its key brands Moben (fitted kitchens), Kitchens Direct (fitted kitchens), Sharps (fitted bedrooms) and Dolphin (fitted bathrooms).

The Group's head office is at Cornbrook, Manchester and HomeForm has 160 showrooms across the UK including 83 concessions in Homebase, Bhs, Next and Laura Ashley with over 1300 employees and 1500 self-employed fitters and designers.

The HomeForm Group is private equity owned by an affiliate of Sun Capital Partners Inc.

In the latest accounts filed it was mentioned that the company is confident that as the UK economy improves and further cost savings and efficiencies are implemented, the business will be well placed to realise improved results.  However, it was announced in June 2011 that Homeform Group has entered administration. It is hoped that it will be able to sell off its Moben and Dolphin brands in a bid to save its Sharps and Kitchens Direct businesses.

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