Management and staff at Midlands-based flooring specialist Floors 2 Go are celebrating after the successful acquisition of the Allied Carpets business from its administrators.
Allied Carpets went into administration on Friday 20 April and thanks to the prompt actions of Floors 2 Go, it was quickly purchased in a matter of a few hours. The purchase ensured that nearly half of the Allied Carpet stores will be retained, saving dozens of jobs.
The restructuring team at leading Midlands law firm Higgs and Sons acted for the buyer. Partner David Ellis, who led the team, said: “This was a complex transaction involving insolvency, employment and property law as well as requiring the use of Scottish lawyers in connection with the shops north of the border. The team worked to an extremely tight timescale but were pleased that the purchase was successfully concluded and wish the expanded group every success for the future.”
The purchase follows just six months after Floors 2 Go was itself bought off administrators and demonstrates confidence by the board in the ability to grow its market share in the face of very difficult economic conditions.
“It was a fantastic opportunity for Floors 2 Go,” explained its director, David Vizor. We are able to expand our geographic base significantly and add ‘Allied Carpets’ and ‘General George’ to the other well-known brands under our control. We are grateful to Higgs & Sons for its help in meeting our deadlines.”