Flooring retailer bought from administrators

The founder of property development company Taylor Grange has set up a retail division to buy a flooring business out of administration.

Rakesh Doal has created Birmingham-based Taylor Grange Retail to buy 22 Flooring Republic shops and the online business Posh Floorings.

It has ambitious plans to open seven shops this year, then double its store portfolio next year. Ultimately it wants to have 120 stores.

Karen Clack, director of Taylor Grange Retail, said: “We are well funded by Rakesh Doal, the founder of Taylor Grange, and we have ambitious plans to get this business back on track with a major rebrand and £1m of new stock going in to the shops.

“We have negotiated deals for a number of exclusive products from international suppliers new to the UK market.

“The difficulties of the retail sector have been well-documented, so it is great to have a positive story to tell.”

The businesses, which sold laminate, wood, parquet and vinyl flooring and accessories, were placed into administration last month.

More than 30 full-time jobs at its shops have been saved, including in Wolverhampton, Birmingham and Coventry.

The Manchester office of law firm Shoosmiths advised on the deal.

Partner Karen Procter said: “This was a complex transaction completed within a short time frame and we are delighted to have worked on a deal that has secured the future of a number of stores at a time where we continue to see significant numbers of retailers struggling.”