A sad day as FOCUS DIY goes into adminsitration
Whilst traveling back London today I learned through twitter, that FOCUS DIY is going into administration.
Focus begun trading in 1987, and ceased trading today 3rd May 2010
Following notification of an event of default under the senior credit facility, and a realisation that there were no alternatives that could be explored any further, Focus Directors have come to the conclusion that to protect the interests of creditors they have no choice but to seek protection through filing a notice of intention to appoint administrators.
The Directors have sought consent from the business's lenders to appoint E&Y as the administrators. All stakeholders including staff are being informed.
FOCUS DIY
Today's news comes on the back of losses of £21m on sales of nearly £490m in the year to 21 February 2010, compared with a loss of £95.4m in 2009, according to the latest figures, and also comes after a failed restructuring bids and rescue packages.
What will now happen to store at the top of the hill next to the Bankeyfields Estate is not known, we can only hope that a firm can snap up the easy to get to location and provide much needed local jobs.
My thoughts go out to all of the staff at the local Tunstall Focus, and all of the other 4000 focus staff.
Comments
I too read this earlier when
I too read this earlier when I returned back in, and thought the same as you, lets hope that someone would like to purchase Focus and keep the usage the same as it is very handy having a DIY shop across the road when you run out of something and don't want to travel up the A500 in the traffic on a Saturday afternoon but can have a quick dash across the road.
Also given the current empty business at the Blue Planet we don't need to encourage any more empty premises in Tunstall.
Lets hope that something can be done to save the staff at all the Focus stores, yet something else to close in Tunstall.
Yes I will be gutted if the
Yes I will be gutted if the wife can not pop across the road to get more paint, scews, fixings or what evere to make my weekends enjoyable (not)
I have had it from a good
I have had it from a good source that Focus is open as normal this weekend
Another busy day for Focus
Another busy day for Focus today again, 3.30pm we nipped over and the car park even at 3.30pm was busy lots of people still coming in.
Also a sign on the door that mentions Focus have gone into administration but the Tunstall store is still trading.
It’s a shame that they have
It’s a shame that they have gone into administration having Focus on the door step has been very handy for all those D I Y jobs and small emergencies. Having spoken to some of the staff they reckon the store will be shut within two months and B&Q are not interested in this store as they have stores on the festival park and one up Talk. What will come of this site when Focus closes would Churchills be interested in the site personally I think this site would be ideal for an all you can eat buffet style restaurant or wacky warehouse / pub.
Post new comment