Courts Contracts, the non-retailing division of collapsed furniture retailer Courts, has been bought by the company’s management team.
Administrator KPMG said Courts Contracts, which operates from eight warehouses and fits out show homes for residential building companies, was sold to Courts existing management team for an undisclosed sum.
Mick McLoughlin, head of KPMG Corporate Recovery, said the business did not form part of the core retail business and that a timely sale was vital.
He added that an MBO provided the best solution and that the sale to the management team reflected good value for creditors.
KPMG were appointed as administrators to Courts on Tuesday.
Courts has 88 stores in England and Wales, the large majority of which are leases.
References: EGi News 03/12/04
