Courts division sold to management
Courts Contracts in MBO
The management of Courts Contracts, a division of the UK furniture retailer, has agreed a management buyout with administrator KPMG.
Then business operates from eight warehouses and fits out show homes for housebuilders. . It has been sold to the existing management team for an undisclosed sum.
Mick McLoughlin, joint administrator and head of KPMG Corporate Recovery, said: “We are pleased to finalise this sale, which effectively secures the future of 90 employees. The business did not form part of the core retail business and a timely sale was vital to ensure that the customer support could be protected.
“An MBO provided the best solution and the sale to the management team not only saves jobs but also reflects good value for creditors.”
Courts 88-store UK retail business remains in administration, with KPMG having received 65 approach from potential buyers for all or part of the business. These include other retailers, private equity firms and property companies.
However, hopes that the stores could continue to trade while a buyer is sought have been dashed. KPMG said the stores will stay closed ‘indefinitely’ due to concerns that customers likely to lose their money on orders already paid for will take out their frustration on staff.
