Monday, Jun 18, 2007
Focus chain in trouble
BBC News: Troubled DIY firm set for £1 sale
The UK's third-largest DIY chain, Focus, is set to be sold to US hedge fund Cerberus for just £1 after suffering serious financial problems.
Current owners Apax Partners and Duke Street Capital have agreed to sell their Focus shares for a nominal sum to end their involvement with the firm.
The proposed deal would also see Cerberus pay off about £225m in debt amassed by the retailer.
Rising interest rates and a weak DIY market have hurt the 250-store firm.
Posted by sitting tight @ 09:16 PM (163 views) Add Comment
2 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. Alan said...
The Chinese are at least offering a bit more for the Airbus factory.....
2. Orwell said...
What happened to the Service Sector being the engine house of the economy?