Leading retailer BetterBathrooms has been bought out of administration by one of the UK’s largest online retailers.
Philip Pierce and Gary Blackburn of FRP Advisory were appointed as joint administrators of BetterBathrooms (UK) on March 1 – with the loss of more than 300 jobs.
BusinessCloud understands there were several interested parties in acquiring the company and a joint statement by Pierce and Blackburn today confirmed the assets of BetterBathrooms (UK) Limited have been sold to Buy it Direct Ltd.
Buy it Direct is one of the UK’s largest online retailers and operates the Appliances Direct and Furniture 123 brands from three sites in Huddersfield, Barnsley and the East Midlands.
Pierce said: “By securing a sale of the assets of the business, we have been able to maximise returns to creditors. Buy it Direct’s proven online retail expertise and infrastructure will ensure that they are well placed to take the business forward and we wish them well for the future.”
Nick Glynne, managing director of Buy it Direct said: “The BetterBathrooms business will complement our other successful ‘home’ brands, Appliances Direct and Furniture123 and I am particularly pleased to be working with some of the existing talented team. We hope to start trading again later this month and are now focused on resurrecting and developing the brand to demonstrate exceptional value to our customers.”
According to a report in the trade press kbbreview, the move has secured 12 jobs with hopes to save around a total of 50 posts.
BetterBathrooms was founded by award-winning entrepreneur Colin Stevens in 2001 but he left the business in November 2017.
BetterBathrooms sealed a £10m investment from Business Growth Fund (BGF) in 2013 for a 30 per cent stake to fuel the company’s ambitious expansion plans.
The company’s had a strong focus on providing excellent customer service under Stevens, winning 24 awards. However the founder left in November 2017 after 16 years and administration followed within 18 months.