The UK’s biggest bathroom specialist, Bathstore, has entered administration after the company failed to find a buyer.
The administration means more than 500 jobs are at risk with around 400 shop workers and 124 based in the company’s head office in Welwyn Garden City at risk.
The company has been loss making after a poor year, which has been attributed to the tough high street retail economy and the collapse in the pound.
29 year old business
The bathroom specialists were set up in 1990 by Patrick Riley and Nico de Beer, but have been owned by American billionaire Warren Stephens since 2014.
In the financial year ending July 2017 the company made a pre-tax loss of £22m with sales of £141m according to Companies House.
Despite a turnaround plan launched last year and a £15m loan from Stephens, the Guardian reported the billionaire was not willing to put in any more cash to save the business prior to this month’s rent day.
No offers for the company
Ryan Grant, the joint administrator, said: "Despite significant investment into the business over the past five years, Bathstore has struggled to overcome the well-documented challenges facing the UK retail sector.
"The appointment was made after several months of difficult trading, and the failure of ongoing talks to find a buyer for the business.
“Bathstore is continuing to trade in administration whilst the administrators seek a buyer."
Customers will be contacted with the majority of outstanding orders due to be fulfilled. All installation services have been cancelled.
No offers have been made for the business as of yet.
The Bathstore branches at risk are listed below:
BedfordBurton On TrentLeicesterLincolnNorthamptonNottingham BridgefordNottingham Commodore
BeckenhamCroydonEnfieldIlfordKingston Upon ThamesOrpingtonRuislipSouthgateStainesSurbitonSuttonWalton-On-Thames
BorehamwoodNorth FinchleyWandsworthFinchley RoadHammersmithIslingtonClapham SouthBaker StreetVauxhallElthamRichmondWandsworthWimbledon
BarnsleyCarlisleChesterfieldDoncasterGatesheadGrimsbyHarrogateHuddersfieldHullLeedsNewcastle Upon TyneScunthorpeSheffieldShipleyStocktonYork
AberdeenAyrDundeeEdinburghGlasgow ClarkstonGlasgow CentralInvernessPerthStirling
AshfordAylesburyBanburyBasildonBasingstokeBognor RegisBraintreeBrightonCamberleyCanterburyChelmsfordCrawleyDartfordEast GrinsteadEastbourneFarnboroughFleetGraysGuildfordHarlowHaywards HeathHemel HempsteadHigh WycombeHitchinHorshamLutonMaidstoneMilton KeynesNewburyOxfordPortsmouthReading centralReading The PointRedhillSloughSouthamptonSouthendSt AlbansThanetTunbridge WellsWaterloovilleWinchesterWorthing
BathBournemouthBristol FiltonBristol CliftonCheltenhamChippenhamChristchurchExeterGloucesterPlymouthSaint AustellSwindonTauntonWeymouth
BirminghamCannockHerefordLeamington SpaNewcastle Under LymeNuneatonRedditchSolihullStaffordStourbridgeStratford Upon AvonSutton ColdfieldWorcester
This story originally appeared on our sister site, The Scotsman.