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UK DIY News

Focus rescue backed by creditors

(Reuters)

The UK's biggest commercial landlords will back a rescue plan on Monday to save British home improvement retailer Focus DIY, the British Property Federation said.

The landlords, who make up the bulk of the firm's creditors, will join other creditors to vote on Focus DIY's proposed Company Voluntary Arrangement (CVA), an increasingly popular insolvency process, that should keep the retailer in business.

Focus DIY's chief executive told Reuters on Friday that he was confident the rescue plan will get sufficient backing.

However, the British Property Federation, representing landlords, has called for tougher controls on insolvencies and said its call is backed by Aviva, British Land, Hammerson, Hermes and Land Securities.

Focus, owned by U.S. private equity group Cerberus, is the UK's third-largest pure do-it-yourself (DIY) retailer after Kingfisher's B&Q and Home Retail Group's Homebase.

24 August 2009
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