Venture capitalist SB Capital has agreed a deal with administrators KPMG to take over the entire portfolio of collapsed furniture chain Courts for an undisclosed sum.
SB Capital, which owns Furnitureland and Land of Leather, will trade all of the 88 stores, but will keep just 14 of them, representing 20% of the retail turnover.
The remaining stores, which will open on Thursday, will be closed by a phased wind-down programme in the period to 20 February 2005.
Mick McLoughlin, head of KPMG Corporate Recovery, said: “We have reached an agreement with SB Capital, who will handle the disposal of the Courts stock, both in the stores, warehouses and in transit.”
He added: “Unfortunately we did not receive any deliverable offers for the business as a going concern. However, the offer with SB Capital hopefully secures employment for stores in the 14 stores.”
The retained stores will rebranded as Furnitureland.
SB Capital will keep Courts stores in:
- Basildon
- Cheltenham
- Cambridge
- Coventry
- Gateshead
- Hayes
- Shoreham
- Swansea
- Waterlooville
- Walton-on-Thames
- Bristol
- Dartford
- Farnborough
- Watford
References: EGi News 13/12/04
