Birmingham-based Floors-2-Go has been bought out of administration by its founding family, it has emerged.
Brothers Robert and Richard Hodges refused to say how much they paid to take the business back under their control.
The Hodges family founded the business in 1999 and banked millions of pounds when the business was floated on the stock market in 2004.
Floors-2-Go was subsequently taken private again in a £52.4 million management buy-out backed by private equity group Alchemy (which tried to buy Rover Group in 2000) before falling victim to the housing market slum and going into administration last month.
The rescue package agreed with administrators from Kroll was said to have saved more than 200 jobs.
The administrators had closed 41 of the 132 stores and made 91 staff redundant but maintained trading.
Robert Hodges said: “We are delighted to have saved the jobs of so many of the Floors-2-Go team and to be able to provide the British public with a real alternative to the big stores when beautifying their homes.”
The brothers have bought 80 stores of Floors-2-Go across England and Wales and will run the business alongside their new FloorMyHome busineess that they founded in March.
Eversheds and Deloitte’s acted for the purchaser with Dundas & Wilson advising Kroll.
Eversheds partner James Trevis, said: “We hope that the Hodges brothers are able to use their knowledge and market insight to turn this business around and preserve jobs.”
