Home decor and furnishings retailer Fads is being groomed for expansion and has a blueprint for 160 new UK locations.
The stricken retailer has been acquired for£1 by a band of investors led by administrator David Mond of Hodgsons, who assumes the post of non-executive chairman.
'We have identified 160 sites where we would like to open stores,' said Mond. 'We have been profitable since July when we completed the last of the restructuring.'
Fads went into administration in June 2002 and creditors will receive 25 pence for every pound owed, valuing the deal at£1.5 million.
According to Mond, the business hit difficulties in 2001 when unsuitable store locations, an unfocused assortment and problems with working capital arrangements hit home.
The retailer has now been overhauled and a tail-end of unprofitable stores has been shed. Mond hopes to list Fads on AIM shortly.
The 53-store chain will continue to be led by incumbent chief executive Hugh Robertson and finance director Mark Hopton. Former Stationery Box owner Roy Gabbie is on board as a non-executive director.
Mond believes success beckons in small conurbations 'where the sheds can't open'.
'We have a developed a retail concept and are well placed to move from strength to strength,' he added.
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