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

Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
New hybrid storage solutions
Tackling data challenges through emerging hybrid storage solutions that enable optimum database performance whilst managing costs and increasingly large data stores.
Website security in corporate America
Find out how you rank among other IT managers testing your website's vulnerabilities.