UK DIY News
UK Flooring Direct Acquired In Pre-Pack Deal
The future of online flooring retailer UK Flooring Direct has been secured by a pre-pack administration deal.
Eversheds Sutherlands advised Teneo Financial Advisory administrators on the sale of UK Flooring Direct (UKFD) to Keswick Flooring, a subsidiary of Nestware Holdings, in a pre-packaged deal that secured the future of the business.
UKFD offers a range of flooring options including solid wood, laminate and luxury vinyl tiles.
Keswick was first established in 1985 and its main brand, Flooring Supplies, is recognised as one of the first online flooring retailers in the UK, hitting the internet in 1998.
The sale will safeguard the future of UKFD’s 85 employees based in Coventry and help to provide customers with a more comprehensive product range, improved customer experience, greater value and stronger after-sales support.
The Eversheds team was led by restructuring Partner, Mark Wood and included Legal Director Ian Gill, Associates Gurjeet Kaur Walia and Rhiannon Mathias, Legal Director Anne-Louise Lawrence and Associate Catherine Hallam.
Mark Wood commented: “We are delighted to have assisted the Teneo team on the sale of the UK’s largest wood floor specialist in a pre-packaged deal that secures the future for the business, leverage an even greater position in its market and saved all the jobs of the company in the process.”
Teneo's joint administrator Paul Meadows confirmed that outstanding customer orders would be fulfilled, and said that the sale gives the business “the strategic backing it requires to fulfil its ambitions”.
UK Flooring Direct chief executive Jason Ashby said: “I’m pleased to say that we’ve found in Nestware the ideal partner to continue our long-standing heritage as a leading provider of flooring to the UK consumer and trade markets.”
Kevin Barrett, CEO of the Nestware Group said: “Nestware is dedicated to transforming the way consumers and trade customers buy flooring across Europe,”
“The acquisition of UKFD is a testament to this commitment. Together, these brands will shape the future of the flooring industry and redefine the way consumers shop for flooring online.”
Source : Insight DIY Team
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