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Principal trading company of United Carpets enters administration

THE principal trading company of United Carpets Group has gone into administration.

United Carpets (Northern) Limited owned the group's corporate stores and oversees its franchise operations.

The administrators have immediately sold the business and the majority of the business to United Carpets (Franchisor) Ltd, a wholly owned subsidiary of the company.

Today's developments follow a review of the business earlier in the year which led to a number of store closures and the suspension of trading in United Carpets shares.

In a statement, United Carpets Group said: "The board is disappointed at the need to take these steps but is confident that the core of locations remaining once the restructure is concluded will, with appropriately adjusted overheads, provide the foundation for a successful and sustainable business."

David Acland and Lila Thomas, of Begbies Traynor, were appointed administrators of United Carpets (Northern) earlier today.

The sale to United Carpets (Franchisor) includes 72 stores which are a mixture of franchises and outlets operated directly by the business.

United Carpets said administrators had to be appointed after it was unable to agree rent reductions with landlords.

United Carpets (Franchisor) Ltd will now pursue further discussions with landlords but the group has warned stores will close where agreements cannot be reached.

Source : James Reed - The Business Desk
www.thebusinessdesk.com/yorkshire/news/380080-united-carpets-business-in-administration.html?news_section=253059

04 October 2012
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