Kitchens, bedrooms and bathrooms business, Kitchen Plus Ltd has been acquired out of administration by its sister company, saving nearly 80 jobs.
Iain Nairn and Rochelle Schofield of Leonard Curtis were appointed administrators of Kitchens Plus Ltd on 9 May 2023.
Kitchen Plus Ltd is a £20m Gateshead-based kitchen, bedroom and bathroom home improvement business, with 77 employees and five showrooms across the regions, including Gateshead, Durham, Hexham and North Tyneside.
Following the appointment of the administrators, a sale of the Company’s business and assets was completed to sister company Windows Plus Roofs Ltd – with all 77 jobs transferred under TUPE to the purchaser.
Joint Administrator Iain Nairn said it was a happy ending for a well-established firm that was experiencing financial difficulties due to the current economic climate and the well published inflationary pressures – which had led to a reduction of customers. Additionally, the cost of finance for the customer had a significant effect.
Ian stated: “We are delighted with the positive outcome for the company’s management team and workforce in the NE region.
“The sale achieved represents the best outcome for the Company’s creditors as a whole, minimising the effect on consumers and has resulted in the successful transfer of all jobs to the purchaser.”
The sale was completed with the assistance of St James Square Law and Cerberus Asset Management.