Bathstore was the UK's largest specialist bathroom retailer, with over 150 stores nationwide.
Bathstore was mid-way through an operational restructuring plan to re-position the business by reducing physical store footprint and increasing on-line profile. Unfortunately the operational plan could not be delivered before further funding was required. The sponsor was unwilling to provide additional capital and Bathstore was placed into administration.
BDO worked to rapidly identify the core portfolio of performing stores that could be rescued as part of a transaction. BDO’s Special Situations M&A team then led a rapid sales process.
BDO’s Special Situations M&A Team secured the sale of certain assets to Homebase Rooms Limited (“Homebase”), a Hilco Capital portfolio asset. Joint Administrators from BDO LLP were appointed to execute the transaction.
Under the agreement, Homebase has taken over 44 stores, intellectual property and all remaining stock. The sale secured the jobs of 154 employees at these stores.
Homebase also concessioned Bathstore in to its store portfolio providing significant further employment jobs and opportunities across the UK.