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[[File:Floors-2-Go, Senlan Industrial Estate, Cardiff - geograph.org.uk - 1804520.jpg|thumb|Floors-2-Go, [[Cardiff]], September 2009]]
[[File:Floors-2-Go, Senlan Industrial Estate, Cardiff - geograph.org.uk - 1804520.jpg|thumb|Floors-2-Go, [[Cardiff]], September 2009]]
[[File:Floors-2-Go warehouse - geograph.org.uk - 656522.jpg|thumb|Floors-2-Go, [[Basingstoke]], January 2008]]
[[File:Floors-2-Go warehouse - geograph.org.uk - 656522.jpg|thumb|Floors-2-Go, [[Basingstoke]], January 2008]]
Floors-2-Go began as a family business in 1999, with the first store opening in [[Birmingham]]. In April 2004, the firm floated on the [[London Stock Exchange]]. This saw the firm evolving from [[cash and carry (wholesale)|cash and carry]] type warehouses, to retail superstores.<ref>{{cite web|url=http://www.investegate.co.uk/article.aspx?id=200404010700021777X|title=First Day of Dealings|publisher=[[Financial Times]]|date=2004-04-01}}</ref> In August 2005, Floors-2-Go opened the first stores in [[Northern Ireland]].<ref>{{cite web|url=http://www.retail-week.com/floors-2-go-lands-in-northern-ireland/43127.article|title=Floors-2-Go lands in Northern Ireland|publisher=[[Retail Week]]|date=2005-09-09}}</ref> In November 2005, Floors-2-Go announced an expansion target for 350 stores.<ref>{{cite web|url=http://business.highbeam.com/436112/article-1G1-138380497/floors2go-expansion-target-350-stores|title=Floors-2-Go expansion on target for 350 stores.|publisher=|date=2005-11-04}}</ref> In December 2006, it was bought for £52.4M, by directors and private equity firm ''Alchemy Partners''.<ref>{{cite web|url=http://uk.reuters.com/article/2006/12/13/floors2go-offer-idUKL1382336820061213|title=UPDATE 1-Alchemy to buy Floors-2-Go for 52.4 mln stg|publisher=|date=2006-12-13}}</ref> The sale was completed in February 2007.<ref>{{cite web|url=http://www.manchestereveningnews.co.uk/business/business-news/floors-2-go-in-542m-buyout-1051319|title=Floors 2 Go in £54.2m buyout|publisher=[[Manchester Evening News]]|date=2007-02-15}}</ref>
Floors-2-Go began as a family business in 1999, with the first store opening in [[Birmingham]]. In April 2004, the firm floated on the [[London Stock Exchange]]. This saw the firm evolving from [[cash and carry (wholesale)|cash and carry]] type warehouses, to retail superstores.<ref>{{cite web|url=http://www.investegate.co.uk/article.aspx?id=200404010700021777X|title=First Day of Dealings|publisher=[[Financial Times]]|date=2004-04-01}}</ref> In August 2005, Floors-2-Go opened the first stores in [[Northern Ireland]].<ref>{{cite web|url=http://www.retail-week.com/floors-2-go-lands-in-northern-ireland/43127.article|title=Floors-2-Go lands in Northern Ireland|publisher=[[Retail Week]]|date=2005-09-09}}</ref>


In December 2006, during the sale, the firm applied for the cancellation of trading on the [[London Stock Exchange]].<ref>{{cite web|url=http://www.investegate.co.uk/article.aspx?id=200701081614591660P|title=Cancellation of Admission|publisher=|date=2007-01-03}}</ref> This effect took place in February 2007. In 2009, Floors-2-Go made pre tax profits of £764,538, with almost £34M sales.
In November 2005, Floors-2-Go announced an expansion target for stores around 350.<ref>{{cite web|url=http://business.highbeam.com/436112/article-1G1-138380497/floors2go-expansion-target-350-stores|title=Floors-2-Go expansion on target for 350 stores.|publisher=|date=2005-11-04}}</ref> In December 2006, it was bought for £52.4 million, by directors and private equity firm ''Alchemy Partners''.<ref>{{cite web|url=http://uk.reuters.com/article/2006/12/13/floors2go-offer-idUKL1382336820061213|title=UPDATE 1-Alchemy to buy Floors-2-Go for 52.4 mln stg|publisher=|date=2006-12-13}}</ref> The sale was completed in February 2007.<ref>{{cite web|url=http://www.manchestereveningnews.co.uk/business/business-news/floors-2-go-in-542m-buyout-1051319|title=Floors 2 Go in £54.2m buyout|publisher=[[Manchester Evening News]]|date=2007-02-15}}</ref> In December 2006, during the sale, the firm applied for the cancellation of trading on the [[London Stock Exchange]].<ref>{{cite web|url=http://www.investegate.co.uk/article.aspx?id=200701081614591660P|title=Cancellation of Admission|publisher=|date=2007-01-03}}</ref> This effect took place in February 2007.

In 2009, Floors-2-Go made pre tax profits of £764,538, with sales totalling almost £34 million.


===Administration===
===Administration===
In July 2008, the firm first entered [[Administration (law)|administration]], after the firm became a victim of the then–struggling housing market.<ref>{{cite web|url=http://www.theguardian.com/business/2008/jul/23/retail.housingmarket|title=Flooring chain calls in administrators|publisher=|date=2008-07-23}}</ref> The administrators, ''Kroll'' immediately closed 41 of the group's then–132 stores, cutting 97 of the chain's then–450 staff. However, the firm was later saved, preventing the firm from no longer trading. In August 2011, however, the firm entered administration for the second time. ''Senate Recovery'' the administrators, closed 53 stores immediately.<ref>{{cite web|url=http://www.thisismoney.co.uk/money/news/article-2030036/Floors-2-Go-falls-administration.html|title=Floors 2 Go collapses for the second time in three years|publisher=[[This is Money]]|date=2011-08-25}}</ref> The administrators managed to save 162 jobs, as well as 35 stores, thus saving the firm as a whole.<ref>{{cite web|url=http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/8723527/Floors-2-Go-jobs-saved-after-administration.html|title=Floors-2-Go jobs saved after administration|publisher=[[The Daily Telegraph|The Telegraph]]|date=2011-08-26}}</ref>
In July 2008, the firm first entered [[Administration (law)|administration]], after the firm became a victim of the then struggling housing market.<ref>{{cite web|url=http://www.theguardian.com/business/2008/jul/23/retail.housingmarket|title=Flooring chain calls in administrators|publisher=|date=2008-07-23}}</ref> The administrators, ''Kroll'' immediately closed forty one of the group's stores, which were around 132, consequently cutting ninety seven of the chain's then staff, which were around 450. However, the firm was later saved, preventing the firm from no longer trading.
In August 2011, however, the firm entered administration for the second time. ''Senate Recovery'' the administrators, closed fifty three stores immediately.<ref>{{cite web|url=http://www.thisismoney.co.uk/money/news/article-2030036/Floors-2-Go-falls-administration.html|title=Floors 2 Go collapses for the second time in three years|publisher=[[This is Money]]|date=2011-08-25}}</ref> The administrators managed to save 162 jobs, as well as 35 stores, thus saving the firm as a whole.<ref>{{cite web|url=http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/8723527/Floors-2-Go-jobs-saved-after-administration.html|title=Floors-2-Go jobs saved after administration|publisher=[[The Daily Telegraph|The Telegraph]]|date=2011-08-26}}</ref>


In July 2014, the now–struggling firm entered administration for a third time. ''MB Insolvency'' were appointed administrators, and managed to save 162 jobs.<ref>{{cite web|url=http://www.thejournal.co.uk/business/business-news/floors-2-go-administration-third-time-7438765|title=Floors-2-Go in administration for third time|publisher=The Journal|date=2014-07-16}}</ref> However, the number of stores have been gradually reduced.
In July 2014, the now struggling firm entered administration for a third time. ''MB Insolvency'' were appointed administrators, and managed to save jobs, which were around 162.<ref>{{cite web|url=http://www.thejournal.co.uk/business/business-news/floors-2-go-administration-third-time-7438765|title=Floors-2-Go in administration for third time|publisher=The Journal|date=2014-07-16}}</ref> However, the number of stores have been gradually reduced. In November 2015, the business entered administration for a fourth time, with a jail threat to the brothers whom own the chain.<ref>{{cite web|url=http://www.bmmagazine.co.uk/newswire/floors-2-go-brothers-face-threat-of-jail/|title=Floors-2-Go brothers face threat of jail|publisher=BM Magazine|date=2015-11-09}}</ref>


==References==
==References==

Revision as of 16:46, 7 November 2016

Floors-2-Go
Company typeRetail
IndustryRetail trade
Founded1999
Headquarters
Birmingham
,
United Kingdom
Number of locations
30 (2015)
Area served
United Kingdom
Northern Ireland
ProductsFlooring
Websitewww.floors2go.co.uk//

Floors-2-Go is a wood flooring retailer in United Kingdom, first established in 1999. In April 2012, the company's affiliates took over Allied Carpets, in a pre pack administration deal.[1]

History

Floors-2-Go, Newport, August 2009
Floors-2-Go, Cardiff, September 2009
Floors-2-Go, Basingstoke, January 2008

Floors-2-Go began as a family business in 1999, with the first store opening in Birmingham. In April 2004, the firm floated on the London Stock Exchange. This saw the firm evolving from cash and carry type warehouses, to retail superstores.[2] In August 2005, Floors-2-Go opened the first stores in Northern Ireland.[3]

In November 2005, Floors-2-Go announced an expansion target for stores around 350.[4] In December 2006, it was bought for £52.4 million, by directors and private equity firm Alchemy Partners.[5] The sale was completed in February 2007.[6] In December 2006, during the sale, the firm applied for the cancellation of trading on the London Stock Exchange.[7] This effect took place in February 2007.

In 2009, Floors-2-Go made pre tax profits of £764,538, with sales totalling almost £34 million.

Administration

In July 2008, the firm first entered administration, after the firm became a victim of the then struggling housing market.[8] The administrators, Kroll immediately closed forty one of the group's stores, which were around 132, consequently cutting ninety seven of the chain's then staff, which were around 450. However, the firm was later saved, preventing the firm from no longer trading.

In August 2011, however, the firm entered administration for the second time. Senate Recovery the administrators, closed fifty three stores immediately.[9] The administrators managed to save 162 jobs, as well as 35 stores, thus saving the firm as a whole.[10]

In July 2014, the now struggling firm entered administration for a third time. MB Insolvency were appointed administrators, and managed to save jobs, which were around 162.[11] However, the number of stores have been gradually reduced. In November 2015, the business entered administration for a fourth time, with a jail threat to the brothers whom own the chain.[12]

References

  1. ^ "Floors-2-Go affiliate buys Allied Carpets". Financial Times. 2012-04-23.
  2. ^ "First Day of Dealings". Financial Times. 2004-04-01.
  3. ^ "Floors-2-Go lands in Northern Ireland". Retail Week. 2005-09-09.
  4. ^ "Floors-2-Go expansion on target for 350 stores". 2005-11-04.
  5. ^ "UPDATE 1-Alchemy to buy Floors-2-Go for 52.4 mln stg". 2006-12-13.
  6. ^ "Floors 2 Go in £54.2m buyout". Manchester Evening News. 2007-02-15.
  7. ^ "Cancellation of Admission". 2007-01-03.
  8. ^ "Flooring chain calls in administrators". 2008-07-23.
  9. ^ "Floors 2 Go collapses for the second time in three years". This is Money. 2011-08-25.
  10. ^ "Floors-2-Go jobs saved after administration". The Telegraph. 2011-08-26.
  11. ^ "Floors-2-Go in administration for third time". The Journal. 2014-07-16.
  12. ^ "Floors-2-Go brothers face threat of jail". BM Magazine. 2015-11-09.
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