Pre-pack deal saves 85 jobs at specialist retailer

All 85 jobs have been saved at a Coventry flooring retailer in a pre-pack sale.

UK Flooring Direct (UKFD) has been bought by Keswick Flooring, a subsidiary of home improvement group Nestware.

UKFD had filed a notice of intention to appoint administrators last Friday, with Teneo Financial Advisory running an accelerated sale process.

Lead administrator Paul Meadows, who was appointed alongside Dan Smith, said: “The sale safeguards all of UKFD’s 85 employees in Coventry and gives the business the strategic backing it requires to fulfil its ambitions. As part of the sale agreement, any outstanding customer orders will also be fulfilled.”

UKFD was founded in 2006 by chief executive Jason Ashby and was named in the Sunday Times Fast Track Top 100 in 2010-12. Its accounts were seven months’ overdue and its most recent filing, for 2020, showed annual sales of £53m.

Ashby said: “I’m pleased to say that we’ve found in Nestware the ideal partner to continue our long-standing heritage as a leading provider of flooring to the UK consumer and trade markets.”

Nestware hopes the combination of Kewsick and UKFD will provide an “even more comprehensive product range, improved customer experiences, greater value and stronger after-sales support”.

Keswick chief executive James Davey aded: “This acquisition brings together two powerhouses of the online flooring retail sector, creating an entity that is well-positioned to capitalise on the evolving market trends towards convenience, service and value.”

Legal support to the administrators was provided by Eversheds Sutherland. Nestware and Keswick were advised by Womble Bond Dickinson.