Flooring Direct owners set out expansion plans
The owners of flooring chain Flooring Republic have set out ambitious expansion plans after buying the chain and its wholesale arm from administration.
Property development company Taylor Grange Developments, has acquired 22 shops and associated websites from the administrators of Flooring Republic, which traded as Flooring Republic on the high street and Posh Floorings online, and Anbo International.
The company has formed Taylor Grange Retail to complete the deal for the stores in Wolverhampton, Southampton, Preston, Plymouth, Newport, Birmingham, Leicester, Leeds, Hull, Cross Hands, Coventry, Cardiff, Blaydon, Swansea, Cambridge and Basildon.
‘We are well funded by Rakesh Doal, the founder of Taylor Grange, and we have ambitious plans to get this business back on track with a major rebrand and £1m of new stock going in to the shops. We have negotiated deals for a number of exclusive products from international suppliers new to the UK market,’ said Karen Clack, TGR director.
‘We plan to open another seven shops this year and 30 next, with the ultimate goal of growing to 120 locations, which we feel will be the optimum number.’
‘The UK retail sector has taken a significant knock in recent months as a result of issues surrounding Brexit, which has led to a rise in import costs stemming from the collapse in sterling that followed the vote, as well as diminished consumer confidence. The business has suffered the knock-on effects, resulting in trading losses which led to severe cash flow difficulties and, ultimately, rendered the business insolvent,’ said Michael Solomons, joint administrator at BM Advisory.