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Commercial Property News
Allied Carpets property company heading for administration
Allied Carpets Properties, a subsidiary of the carpets retailer, has filed notice of intention to appoint an administrator. BDO Stoy Hayward is understood to have been lined up for the role.
Any implications for Allied’s core retailing business remain unclear at present. The UK’s second largest floorings retailer was bought by offshore fund Sigma Capital in March. It later emerged this fund was backed by Hilco.
The retailer has been finalising terms of its refinancing as well as completing a strategic review of the 218 store business. It was thought Allied would try to dispose of a raft of its underperforming stores as a result of this review.
Hilco has been linked with distressed retailers in the past 12 months. It tried to buy Woolworths and then acted as adviser to administrator Deloitte when the now defunct retailer launched its closing down sale. Members of Hilco also sat on MFI’s board before it hit the buffers.
Any implications for Allied’s core retailing business remain unclear at present. The UK’s second largest floorings retailer was bought by offshore fund Sigma Capital in March. It later emerged this fund was backed by Hilco.
The retailer has been finalising terms of its refinancing as well as completing a strategic review of the 218 store business. It was thought Allied would try to dispose of a raft of its underperforming stores as a result of this review.
Hilco has been linked with distressed retailers in the past 12 months. It tried to buy Woolworths and then acted as adviser to administrator Deloitte when the now defunct retailer launched its closing down sale. Members of Hilco also sat on MFI’s board before it hit the buffers.
Fri, 26th Jun 2009