Finance Matters

From The BBC:

Allied Carpets has gone into administration, as the stagnating housing market led to a fall in demand for carpets and flooring.But 51 of its 217 stores and its insurance inspection business have been sold immediately, saving 400 jobs, administrator BDO Stoy Hayward said. All stores are trading normally and outstanding customer orders will be fulfilled in all stores, it said. Deposits are safe but anyone with queries should contact a local store. All staff wages will be paid on the normal payment dates, the administrators said. About 1,100 staff work in the stores that have gone into administration. Falling salesDermot Power, business restructuring partner at BDO, said that, like many companies, Allied Carpets had suffered in difficult trading conditions. “The stagnation of the housing market has meant that fewer people are buying carpets and flooring,” he said. “We are currently working to secure a going-concern sale of the remaining stores in the Allied Carpets portfolio.” Allied Carp…

Click to read the full article »