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.

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