Flooring retailer Floors-2-Go has collapsed into administration for the second time in three years.
Administrators from Warwick-based insolvency practice Senate Recovery were appointed after sales at the 90-store chain plummeted in recent months.
Part of the Birmingham-based retailer has been sold on to a recently formed company, Nixon & Hope, and 35 stores will remain trading. A further 53 stores are thought to have closed.
Floors-2-Go first collapsed in 2008 after a £52.4m management buyout by venture capitalist firm Alchemy Partners failed owing to the downturn.
The firm was then bought back a year later by Robert and Richard Hodges, part of the Hodges flooring and carpeting dynasty, which founded the business in 1999.
In January this year, Floors-2-Go secured a capital boost of more than £3m from investor Hotbed and planned to open 60 new stores in the UK.
annabel.dixon@estatesgazette.com
