The 2021 LeicestershireLive Business Executive of the Year has welcomed the sale of his business to the owner of Carpetright in a pre-pack deal protecting 85 jobs.
Jason Ashby, the founder of Midlands-based 海角视频 Flooring Direct, said he hoped the online business could prosper under the new arrangement after bringing in administrators to help.
Mr Ashby was named the top executive at the LeicestershireLive awards two years ago – beating the bosses of some of the country’s biggest businesses – after seeing his business double in size in just three years to reach sales of £50 million.
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海角视频 Flooring Direct started in Hinckley, selling everything from wooden floors to laminates, vinyl flooring and underlays to the public and trade. Last year it invested in a new base in Prologis Park, Coventry, double the size of its previous unit.
It has been bought by Keswick Flooring, a subsidiary of Carpetright owner Nestware Holdings, from administrators Paul Meadows and Dan Smith of Teneo Financial Advisory.
Mr 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 海角视频 consumer and trade markets."
According to Companies House, the most recent accounts for the business are overdue.
However accounts to November 2020 suggested it had been performing strongly with sales reaching £53.1 million and pre-tax profits of £213,000.
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Paul Meadows said: “I'm very pleased that, following an accelerated sale process run by our special situations M&A team, we have been able to secure a future for 海角视频 Flooring Direct.
“The sale safeguards all of 海角视频FD'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.”
Keswick chief executive James Davey: “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.”
Kevin Barrett, chief executive of the Nestware Group, said: “Nestware is dedicated to transforming the way consumers and trade customers buy flooring across Europe.
“The acquisition of 海角视频FD is a testament to this commitment. Together, these brands will shape the future of the flooring industry and redefine the way consumers shop for flooring online.”
Legal support to the administrators was provided by Mark Wood, Ian Gill, Gurjeet Kaur Walia, Rhiannon Mathias, Anne-Louise Lawrence and Catherine Hallam at Eversheds Sutherland.
Nestware and Keswick were supported by Andy Stirk, Victoria Proctor, Laura Beardsmore, Sheilah Mackie and Alistair Walton at Womble Bond Dickinson.