Focus cuts losses
Published: 31 August, 2010
CREWE: Focus DIY has reduced its losses during a year in which it avoided insolvency after agreeing a company voluntary arrangement with creditors.
The DIY and gardening chain, owned by the New York private equity house Cerberus, recorded a pre-tax loss of £21m in the year to February 21, compared a £95.3m loss last time.
According to newly-filed accounts of the parent company, FLP2, sales fell by 3% to £486.9m in what the company described as an "extremely competitive" trading.