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Deloitte administrators called to Homeform

DELOITTE ADMINISTRATORS have been called to Moben Kitchens and Dolphin Bathrooms' parent company, Homeform.

Phil Bowers and Bill Dawson, partners at Deloitte, have been appointed joint administrators following reports that the company was likely to be sold in a pre-pack.

"The business has suffered from the extreme pressures currently hitting retailers of high-value items, as customers shy away from big ticket purchases such as kitchens and bathrooms," said Bowers.

The administrators managed to sell Sharps Bedrooms to a new company, Sharps Bedrooms Ltd. As part of the deal, 627 jobs have been saved. About 96 showrooms, the factory in Bilston and offices in Cambereley have all been transferred to the new business.

Moben Kithcens, Dolphin Bathrooms and Kitchens Direct operations were closed. It is estimated that customers are owed £2,584,000 in lost deposits from the three companies.

The administrators said that, without funding, there was no alternative but to shut the three companies, leading to 557 staff redundanies. The duo will continue to market the brands for a possible sale and have retained 24 employees for the foreseeable future.

The administrators said that deposits were unlikely to be refunded unless a sale was secured.

Source : Rachael Singh - Accountancy Age
www.accountancyage.com/aa/news/2086462/deloitte-administrators-called-homeform

07 July 2011
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