Powerhouse assets attract retail interest
Receivers in talks with potential buyers
August 27 2003
Deloitte & Touche, receivers for the PowerHouse electricals retail chain, has received a number of enquiries from parties interested in the business.
Nick Dargan of Deloitte & Touche said there is interest both in Powerhouse as a going concern and in elements of its property portfolio.
Among UK retailers, electricals market leader Dixons has indicated that it would be interested in some stores as well as in recruiting Powerhouse staff to its Currys chain. GUS, operator of the Argos chain, is also reported to be interested. There are also likely to be financial buyers interested.
Dargan said:”We have received a number of initial inquiries, both in respect of the business as a going concern and for elements of the group’s property portfolio We are working with a number of parties who have expressed interest and are providing them with further financial information.
“During this period we are continuing to trade from the 130 stores that now form the core part of the business.” The receiver will close 93 of PowerHouse’s 223 shops this week with the loss of 813 jobs.
