‘Buyer found’ for Textiles Direct stores

ADMINISTRATORS handling the retail chain Textiles Direct are understood to have struck a deal to sell at least 30 of the group’s shops.

Textiles Direct Holdings had 53 homewares shops and 400 staff across the country with around two-thirds of them in the North West.

Since the administration around 15 shops have closed and staff cuts at the head office in Oldham have left around 250 employees.

But TheBusinessDesk.com understands these jobs have been saved by a deal to acquire most of the remaining shops by Home Center Retail (HCR) which had already agreed a licence with the administrator to operate the stores.

HCR was incorporated earlier this year by Mohammad Akbar who is also a director of Textiles Direct supplier SHF (Luton) which held a floating charge over the business and was owed £1.5m.

Trade creditors were owed around £1.8m and there is a tax liability of £850,000. Total liabilities stood at around £5.4m. Altrincham-based Lucas Johnson was appointed administrator to the retailer in April. Partner Kevin Lucas declined to comment and Mr Akbar did not return a call from TheBusinessDesk.