Kitchen company Homeform goes into administration
Published: 24 June, 2011
MANCHESTER: Homeform, the owner of Kitchens Direct, Dolphin Bathrooms and Moben Kitchens said last night it was to go into administration.
The company employs 1300 people in 160 showrooms and uses 1500 self-employed fitters and designers.
The company, owned by US private equity firm Sun Capital Partners, filed an "intention to appoint administrators".
"It is thought the directors will attempt to flip the company into a so-called "pre-pack" administration, where the previous owners buy back parts of the company without any associated debts," reports the Guardian newspaper.
Homeform said it was "close to securing a deal that will safeguard the future" of its bedrooms business Sharps and Kitchens Direct. It is also trying to sell its Moben and Dolphin brands.
The administration comes just one day after the company launched a £12m advertising campaign to revamp its Kitchens Direct brand. The company's most recent accounts show it halved pre-tax losses to £6m, while turnover increased from £148.3m to £151.2m in the year to 28 March 2010.