HIGH street home dcor and furnishings retailer Fads, which has a base in Prestwich, has been rescued from insolvency.
Administrator, David Mond, of chartered
accountants and business recovery specialists, Hodgsons, has announced the successful sale of the historic retailer
to a group of private investors, securing the 345-strong workforce and its 53 UK-based sites.
Fads, which has a shop in Bury New Road, Prestwich, was placed into administration in June last year. The company has been brought back into profit after refocusing on its core product area and due to the streamlining of its finances.
The company hit difficulties in 2001 due to changing market conditions, unsuitable store locations, a lack of focus on product ranges sold and problems with working capital arrangements.
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