Retail chain Bathstore has collapsed into administration putting 500 jobs at risk, according to a report in The Guardian.
The company appointed Tony Hygate and Ryan Grant of BDO as joint administrators on June 26, 2019.
Based in Welwyn Garden City, the firm has 132 stores nationwide and employs around 529 people.
The loss-making bathroom retail company reported price pressure caused by the decline of sterling following the Brexit vote, and a marked reduction in consumer confidence, led to a decline in sales.
Joint administrator Ryan Grant 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 while the administrators seek a buyer.”
He said Bathstore should be able to fulfil the majority of outstanding customer orders, although all installation services have ceased.”
Founded in 1990 by Patrick Riley and Nico De Beer, the first store was opened in Croydon and having established several outlets was sold to Wolseley in 2003.
After a decade of expansion, Bathstore was acquired by private equity firm Endless LLP for £15million in 2012.
A couple of years later Bathstore was sold as part of a management buyout when it was acquired by American billionaire Warren Stephens.
The company instated Ian Herritt as CEO on May 2018 succeeding Gary Favell, who spent six years at the helm.