Buyer Deadline Understood to Be Looming For Soak

Over the weekend, The Telegraph reported that Soak is fighting to find a buyer so that it can avoid falling into administration.

In December 2019, it was reported that the online bathroom retailer was up for sale for the second time in a year, with BDO having been appointed to support the process.

The report in The Telegraph suggests that Soak has since appointed business rescue and recovery specialist Leonard Curtis to help it find a buyer in advance of Tuesday evening's deadline.

US-focused Plumbing and heating group Ferguson sold off Soak in March 2019 for an undisclosed sum, advising that the business had incurred a trading loss of $2m (approx £1.5m) during the six months ended January 2019. 

A spokesperson for Soak.com at the time said: “We can confirm that a management buyout has taken place and Christopher Bale has reached an agreement with Ferguson PLC to take 100% ownership of Luxury For Less Ltd."

It has been a challenging few years for bathroom retailing: In July 2019, Homebase bought Bathstore out of administration, just a few months after Better Bathrooms was bought out of administration by Buy It Direct.  

Source : Insight DIY Team

For all the very latest news and intelligence on the UK's largest home improvement and garden retailers, sign up for the Insight DIY weekly newsletter.