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Print8:49 am, February 8, 2010
FADS in administration for second time in 14 months
Divalimit, the company which bought the assets of retail chains FADS, Texstyle World and Leveys from the administrators of AIM-listed Strategic Retail plc in December 2008, has itself been placed into administration.
The Holmes- Chapel-based business was owned by Roy Gabbie, who was a former Strategic Retail director. In February 2009, Crain's reported that he paid just over £1m for 29 former Fads stores from administrators in a deal which saved more than 200 jobs, but meant that creditors who were owed more than £5.3m received payouts ranging from between 9p-16p in the £1. Since then, however, store numbers have continued to dwindle and by the time the firm was placed into administration it traded from just 16 stores, including units at Salford and Trafford.
Administrators from Timperley-based accountancy firm Hodgsons are continuing to trade the business in the hope that a buyer for at least some of the stores can be found.
COMMENTS? mfahy@crain.com
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