skip to main content
Find Insight DIY on
* * *


Focus DIY rescue deal - 4,700 jobs saved

The Sun

Nearly 4,700 jobs at high street giant FOCUS DIY were saved last night as the chain bagged a financial lifeline. Boss Bill Grimsey said staff were "jumping up and down, raring to go" after landlords agreed to waive millions of pounds in rent. The agreement triggered a new £50million bank loan that saved the company from collapse. Mr Grimsey said: "Without this agreement we would have gone under. Now we have enough cash to see us through the next two-and-a-half years." Focus DIY trades from 180 stores across the UK. But it has also been paying £12million a year to honour leases on 38 vacant stores that have been closed for months. Under yesterday's agreement landlords waived any future payments on these stores in return for a one-off £3.7million compensation payment. The landlords would have been unlikely to recoup anything if Focus had collapsed. The deal went through with the backing of almost all creditors. Focus has been struggling for years amid fierce competition with B&Q and HOMEBASE. Mr Grimsey took charge two years ago when a private equity consortium bought the business for a quid. He said of the deal: "This gives us an opportunity to take the fight to the competition."

25 August 2009
view more UK DIY News

Insight provides a host of information I need on many of our company’s largest customers. I use this information regularly with my team, both at a local level as well as with our other international operations. It’s extremely useful when sharing market intelligence information with our corporate office.

Paul Boyce - European CEO, QEP Ltd.

Don't miss out on all the latest, breaking news from the DIY industry