Focus DIY sells six stores to Asda
Published: 28 February, 2011
CREWE: Focus has disposed of six stores to the supermarket group Asda for an undisclosed sum, said to be in Aberystwyth, Clevedon, Gillingham, Stamford, Torquay and Woking.
The 180-store DIY retailer, which has loans of about £230m, needs fresh funds to invest in its new store format that has so far yielded promising results.
Last week, Bill Grimsey, the chairman of Focus, said: "If there are selected assets that can be disposed of to create funds for future investment in the new stores that would be considered. And we are in discussions with many retailers including the big four supermarkets."