Owners of the Focus DIY chain have announced they are likely to seek administration if a deal for a new buyer cannot be reached by 5pm today.
A company statement said: “Following notification of an event of default under the senior credit facility, and a realisation that there were no alternatives that could be explored any further, Focus directors have come to the conclusion that to protect the interests of creditors they have no choice but to seek protection through filing a notice of intention to appoint administrators.”
Focus DIY has a chain of 178 stores across the country, and employs close to 4,000 staff.
The stores are set to remain open for a further 5 days during which time the administrators, Ernst & Young, will make a decision as to whether they can continue as a going concern.
Bill Grimsey, the former Iceland and Wickes DIY Chief Executive, was taken on to rescue the business who faced stiff competition from diy rivals B&Q and Homebase.