Floors-2-Go

Floors-2-Go was a wood flooring retailer in United Kingdom which was first established in January 1999 and eventually being dissolved in January 2017 in the course of time.

Floors-2-Go
TypeRetail
IndustryRetail trade
FoundedJanuary 1999
DefunctJanuary 2017
FateLiquidation
Headquarters
Birmingham
,
United Kingdom
Number of locations
30 (2015)
Area served
United Kingdom
Northern Ireland
Key people
Robert Hodges
Richard Hodges
ProductsFlooring
Websitewww.floors2go.co.uk//

The company’s affiliates took over Allied Carpets in April 2012 in their pre pack administration deal.[1]

History
Floors-2-Go Newport (August 2009)
Floors-2-Go Cardiff (September 2009)
Floors-2-Go Basingstoke (January 2008)

Floors-2-Go began as an established family business in January 1999 with the first store opening in Birmingham. The firm floated on the London Stock Exchange in April 2004 for the first time. This saw the firm evolving from cash and carry type warehouses to retail superstores for the buying public.[2] Floors-2-Go opened their first stores in August 2005 in Northern Ireland.[3]

Floors-2-Go announced an expansion target in November 2005 for more than 350 stores around the country.[4]

The company was then bought for £52.4 million in December 2006 by Alchemy Partners, the directors and private equity firm.[5] The sale was completed in February 2007.[6] During the sale in December 2006, the firm applied for the cancellation of trading on the London Stock Exchange, this effect took place in February 2007.[7] Floors-2-Go made pre tax profits of £764,538 throughout 2009, with sales totalling almost £34 million.[8]

Administration

The firm first entered administration in July 2008, after the firm became their own victim of the then struggling housing market.[9] The administrators Kroll immediately closed forty one of the group’s 132 stores which were located all around the country, consequently cutting ninety seven of the chain’s then staff, which were 450 jobs for the business altogether. However the firm was later saved, preventing the firm from no longer trading.

However in August 2011, the firm entered administration for the second time. Senate Recovery the administrators closed fifty three stores immediately. The administrators managed to save around 162 jobs as well as over thirty five stores, thus saving the firm wholly from closure.[10]

The now struggling firm subsequently entered administration in July 2014 for the third time. MB Insolvency were appointed administrators and managed to save the same 162 jobs for the business as three years ago.[11] However, the number of stores were significantly reduced then after. The business once again entered administration in November 2015 for now the fourth time, with jail threats to the two brothers who owned the chain.[12]

The company was eventually dissolved in January 2017.[13]

References
  1. "Floors-2-Go affiliate buys Allied Carpets". Financial Times. 23 April 2012. Retrieved 1 May 2015.
  2. "First Day of Dealings". Financial Times. 1 April 2004. Retrieved 10 October 2019.
  3. "Floors-2-Go lands in Northern Ireland". Retail Week. 9 September 2005. Retrieved 10 October 2019.
  4. "Floors-2-Go expansion on target for 350 stores". business.highbeam.com. 4 November 2005. Archived from the original on 12 March 2016. Retrieved 10 October 2019.
  5. "2FG Limited: Offer for Floors 2 Go plc". investegate.co.uk. 13 December 2006. Retrieved 9 April 2022.
  6. "Floors 2 Go in £54.2m buyout". Manchester Evening News. 15 February 2007. Retrieved 2 May 2015.
  7. "Cancellation of Admission". www.investegate.co.uk. 3 January 2007. Retrieved 10 October 2019.
  8. MBS GROUP, THE (26 August 2011). "Floors-2-Go Collapses Into Administration". MBS. Retrieved 25 June 2020.
  9. "Flooring chain calls in administrators". theguardian.com. 23 July 2008. Retrieved 10 October 2019.
  10. "Floors-2-Go jobs saved after administration". The Telegraph. 26 August 2011. Retrieved 10 October 2019.
  11. "Floors-2-Go in administration for the third time". The Journal. 16 July 2014. Retrieved 10 October 2019.
  12. "Floors-2-Go brothers face threat of jail". BM Magazine. 9 November 2015. Retrieved 7 November 2016.
  13. "Floors 2 Go Limited". Companies House. 10 January 2017. Retrieved 22 February 2019.
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