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DIY chain Focus may sell stores to raise funds

DIY chain Focus may sell stores to raise funds DIY chain Focus may be considering selling stores to raise funds.DIY chain Focus has been contacting other retailers about selling off some of its stores to raise much needed funds, according to a report by the Independent.

Focus has over 175 stores nationwide and was a market leader for DIY and kitchen and bathroom quotes.

It was bought in 2007 by private equity firm Cerberus for the princely sum of £1 and has struggled through the recession.

The DIY chain narrowly avoided collapse last year and made a loss of over £11million in the year to February 2010.

The firm currently has debts estimated at around £230 million and, according to the news source, would like to proceed with the sale of some of the stores by the end of this month.

A probable buyer of the stores could be the Retail Home Group, which controls Homebase and Argos, or Kingfisher, which owns B&Q, the Guardian reported.

However, the Independent said Focus was unlikely to get a buyer from food chains such as Tesco and Morrisons, as only 15 of their sites have planning consent for food.

Posted by Daniel BrownADNFCR-2394-ID-800240911-ADNFCR

Article Added: 17/11/2010 13:12:15
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