Carpetright subsidiary acquires flooring firm in pre-pack deal
Thu, 06 Jul 2023 | BUSINESS SALE
Keswick Flooring, a subsidiary of Carpetright owner Nestware Holdings, has acquired online flooring retailer UK Flooring Direct (UKFD) in a pre-pack administration deal. The acquisition follows an accelerated sale process overseen by joint administrators Paul Meadows and Dan Smith of Teneo Financial Advisory and safeguards all 85 jobs at the Coventry-based company.
UKFD Ltd is one of the UK’s largest online flooring retailers, reporting turnover of £53.1 million in its most recent accounts at Companies House, to the year ending November 30 2020. The company offers a wide range of flooring options, including solid wood, laminate and vinyl tiling.
Joint administrator Paul Meadows commented: "I'm very pleased that, following an accelerated sale process run by our special situations M&A team, we have been able to secure a future for UK Flooring Direct.”
"The sale safeguards all of UKFD's 85 employees in Coventry and gives the business the strategic backing it requires to fulfil its ambitions. As part of the sale agreement, any outstanding customer orders will also be fulfilled."
The deal is the latest in a string of flooring market acquisitions by Nestware, following its takeovers of Keswick Flooring, Contemporary Trade Flooring, Flooring Megastore and floor covering products and accessories distributor Carpet & Flooring Limited.
Nestware CEO Kevin Barrett said that the acquisition of UKFD was “testament” to the group’s commitment to “transforming the way consumers and trade customers buy flooring across Europe.”
Keswick Flooring Chief Executive James Davey commented that the deal would create “an entity that is well-positioned to capitalise on” emerging trends in the online flooring retail market, including “convenience, service and value.”
UKFD Chief Executive Jason Ashby added that the deal would enable the company “to continue our long-standing heritage as a leading provider of flooring to the UK consumer and trade markets.”
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