Bathstore has fallen into administration putting more than 500 jobs at risk, with Ryan Grant and Tony Nygate from BDO LLP being appointed joint administrators.
Grant said: “Despite significant investment into the business over the past five years, Bathstore has struggled to overcome the well-documented challenges facing the UK retail sector. The appointment was made after several months of difficult trading and the failure of ongoing talks to find a buyer for the business. Bathstore is continuing to trade in administration while the administrators seek a buyer.”
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The bathroom retailer employs 531 staff across its head office in Welwyn Garden City and 135 stores across the UK. The administrators are continuing to trade with a view to exploring a sale as a going concern.
The announcement comes days after Bathstore told the British Institute of Kitchen, Bedroom & Bathroom Installation – BiKBBI – that it was “very much business as usual”. A letter has been sent by Grant and Nygate to all installation contractors to notify them that “it is no longer possible for the company to continue to provide installation services to customers” and that “this means that unfortunately your services with the company are terminated with immediate effect”.
Any installers owed monies by Bathstore in relation to work completed prior to the company going into administration will be considered as an unsecured claim.