Lee sells FlooringSupplies.co.uk to Carpetright parent
Carpetright’s parent company Meditor has bought smooth flooring retailer FlooringSupplies.
Founded in 1986 by Adrian Lee, FlooringSupplies.co.uk is predominantly an ecommerce business but also trades from stores in Croydon, Edmonton, Lakeside and Thetford.
Lee has agreed to stay at the company until December 2021 at least. FlooringSupplies.co.uk will continue to operate independently.
Although the company’s accounts do not show profitability or sales, cash had risen to £3.24m in the year to 30 April 2019, up from £759,000 in 2015 and net assets had risen from £1.88m to £3.83m.
‘I believe Meditor is the ideal owner to ensure the business continues to grow successfully and I look forward to working with their team to help that happen,’ says Lee.
‘We are delighted to bring FlooringSupplies.co.uk into Meditor. It is a strong online direct to consumer brand with significant growth potential. We are investing heavily in strengthening and growing Carpetright and aim to do the same with FlooringSupplies.co.uk. We will also continue to acquire other flooring businesses as opportunities arise,’ says Talal Shakerchi, Meditor founder.
‘We are excited by the opportunity to work with the Flooring Supplies team and to support the growth of this successful brand. Whilst the businesses will operate independently, I’m confident that this acquisition will create mutually beneficial opportunities,’ says Wilf Walsh, Carpetright ceo.