Focus DIY space to be available to commercial mortgage holders?

27 May 2011

Written by Simon Whittaker

Commercial mortgage holders looking for retail investment opportunities may soon be able to take advantage of space being vacated by Focus DIY.

The troubled retailer is in administration and Ernst & Young (E&Y), which is overseeing the sale of the business, has been unable to locate investors for the entire company portfolio.

"While we have been successful in securing up to 900 jobs from the sale of 55 stores in three separate deals, finding a buyer for the whole of the business has not been possible," remarked Simon Allport, joint administrator at E&Y.

The audit firm stated earlier this month that Focus DIY stores had been performing strongly, however interest in acquiring the business had been muted.

Some of the stores have been sold to competitors Wickes and Kingfisher, while discount retailer B&M Bargains has also acquired a number of sites.

Focus DIY will begin liquidating stock this weekend (May 28th), with sales taking place across its network of branches.

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