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Retail Spotlight - Floors-2-Go crashes again with 192 job losses

 

Posted At: 25 August 2011 14:57 PM
Related Categories: Administrations, Retail, Retailers, Store Closures

 

Following the collapse of Floors 2 Go; we bring to you an overview of the retailer’s trading over the years and highlights of the administration

Floors 2 Go store front

25/08/11 – 35 out of 88 stores have been bought by Nixon & Hope – which was formed this month by former Floors-2-Go directors Parjinder Sangha and David Vizor
 

24/08/11 - Specialist retailer Floors 2 Go was put into administration. 53 stores have been closed with the loss of almost 200 jobs. It blamed increasing competition, internet sales, lack of disposable income from consumers and primarily general downturn over the last 12 months to be the reasons for collapse
 

14/01/11 – Retailer hired former B&Q chief Jim Hodkinson as chairman and won £3.25m cash injection from Hotbed with plans to open 60 stores in 2011. Floors-2-Go director Michael Coleman said the retailer was trading "very comfortably" but remained cautious about 2011

30/05/11 – Jim Hodkinson’s appointment as chairman terminated

04/06/11 - Floors-2-Go and Topps Tiles in dispute over email allegations about Floors-2-Go’s performance
 

27/05/10 – Financial Performance for the year ended 31 July 2009 - the year to July 2009 saw a profit of £853k on sales of £34m and an impressive 9% growth in LFL sales (comparing same stores trading in either Floor My Home Ltd or the previous Floors 2 Go Ltd business)
 

27/10/2009 – Following pre-pack administration in 2008, retailer’s management was thought to be looking for commitments from interested parties to invest should its trading continue to prosper
 

Floors 2 Go - Retail Profile
Established in 1999, Floors 2 Go is a nationwide chain of privately owned and operated retail showrooms that offer a selection of the latest styles in carpet, hardwood, laminate, tile, area rugs, vinyl and window fashions, aimed at the Middle price sector.
 

It has had a troubled history, first entering administration in August 2008. It was later rescued by founders Michael Coleman and Robert and Richard Hodges. Hodges duo bought 80 out of 132 stores, who also run competitor brand named Floor My Home - rebranded all their other stores to the Floors-2-Go fascia.
 

In August 2011, retailer collapsed into administration again, closing 53 stores with the loss of almost 200 jobs. However 35 shops are still trading by the sale of part of Floors 2 Go to specially formed acquisition vehicle Nixon & Hope. Senate Recovery have been appointed as administrators.
 

Floors 2 Go transactional website, is still operational with no mention of change of ownership.
 

For more information on retailer’s financial health, please subscribe to SnapShop or signup to receive SnapShop Monthly for free for three months by signing up for FreeZone here.
 

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