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Addleshaw Goddard, DLA Piper and Linklaters have taken key roles advising on the sale and restructure of kitchen, bedroom and bathroom chain Homeform Group, which traded under the Moben Kitchens, Dolphin Bathrooms, Sharps Bedrooms and Kitchens Direct brands.
DLA Piper, led by restructuring partner Rob Russell, advised joint administrators Phil Bowers and Bill Dawson from Deloitte on the restructuring of the Manchester-based company, which is owned by US private equity house Sun Capital Partners.The administrators have negotiated the sale of the Sharps Bedrooms division to a new company, Sharps Bedrooms, owned by an affiliate of Sun European partners, which is part of the Sun Capital Partners parent company.
A Linklaters team, led by partner Tony Bugg, presented Sharps Bedrooms as the new purchaser, while a team from Addleshaws, led by partner Andrew Smith, represented Barclays as one of the main creditors involved in the insolvency process.
Homeform’s other brands have ceased trading while the administrators try to find possible purchasers.
Russell at DLA Piper said the restructuring and sale of the Sharps Bedrooms business had been challenging because of the complex structure of the owner firm, the high value stock and products carried within Homeform’s divisions and the long lead-in time for existing client work.
“Homeform’s predicament was emblematic of the current issues facing the retail market, particularly in the home improvement sector,” he said.
“Our expertise, strength and depth allowed us to support the joint administrators in securing a swift sale of the viable business. We wish the employees and management of the Sharps Bedrooms business a successful future.”