Feeds

2000 jobs safe as PowerHouse sold

Kiwi firm to the rescue

  • alert
  • submit to reddit

More than 2000 jobs at electricals retailer, PowerHouse, have been saved after the company was sold to New Zealand-based Pacific Retail Group (PRG).

PRG has taken over 142 sites, a majority of the company's operating infrastructure and staff. It also intends to retain the PowerHouse brand.

The announcement comes a fortnight after PowerHouse - the UK's largest independent electrical retailer - called in the receivers, deciding immediately to close 93 of its 223 stores with the loss of 813 jobs.

At the time receivers Nick Dargan and Neville Kahn of Deloitte & Touche said they wanted to sell the company as a going concern.

In a statement yesterday Dargan said: "We are exceptionally pleased to have sold this business as a going concern, which was our prime objective, and to have preserved over 2,000 jobs. Most commentators believed a break-up of the business was the most likely scenario, which would have generated less value for creditors."

Publicly-listed PRG runs the largest appliance retail group in New Zealand trading under the brands Noel Leeming, Bond and Bond, Big Byte. ®

Related Stories

GUS sniffs around PowerHouse
PowerHouse axes 813 jobs

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.