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

Mainstay ROI - Does application security pay?
In this whitepaper learn how you and your enterprise might benefit from better software security.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.