Floors-2-Go, which fell into administration last month, was saved by its founders, brothers Robert and Richard Hodges, and director Michael Coleman.
The retailer’s managing director Roger McLaughlan will leave the business and finance director Mike Lee has left already.
The Hodges brothers and Coleman bought 80 of the Floors-2-Go stores from administrator Kroll. The trio also run flooring specialist Floor My Home, which launched in March and operates eight stores.
“Floors-2-Go is a fundamentally profitable business once you take out the loss-making stores,” said Coleman. “The 80 stores we have bought all make a very substantial profit.”
Both brands will be retained, but this will be reviewed in six to nine months. A new store will open next week, although it has not yet been decided which brand it will operate under.
Coleman said the “successful” store format of Floor My Home will be rolled out to all new stores. “There will be lots of stores opening,” said Coleman. “We’re looking to take a large slice of the market.”
Floors-2-Go sells wood and laminate mainly, while Floor My Home offers all types of flooring.
Robert Hodges will assume the role of managing director, Richard Hodges will oversee suppliers and staffing, and Coleman will be responsible for legal and property.
“The Hodges style of management is back,” said Coleman. “We won’t let the suppliers down like Floors-2-Go has been doing recently.”
Floors-2-Go was founded in 1999, floated in 2004 and eventually bought by management in 2006, backed by private equity tycoon Jon Moulton’s company Alchemy.
As Retail Week went to press, McLaughlan would not return calls.
MFI is testing a specially-designed store section devoted to flooring under the name The Flooring Store. The six-store pilot will offer more than 600 lines.