ProCook buys Steamer Trading in pre-pack administration deal

Steamer Trading ProCook
// Steamer Trading appointed KPMG as administrators yesterday
// 332 jobs saved as a result of ProCook pre-pack deal
// 80 Steamer Trading employees to lose their jobs

Steamer Trading Cookshop’s future on the high street is secure after it was bought out of administration by rival kitchenware retailer ProCook.

ProCook’s pre-pack administration deal includes the acquisition of 27 Steamer Trading stores, the ecommerce business and the head office team.

Another Steamer Trading store, trading under the Divertimenti brand in Knightsbridge, London, has been bought by Divertimenti Limited.

Over 330 jobs have been saved as a result of the acquisition deals.

However, 80 jobs will still be cut after the remaining 10 shops in Steamer Trading’s 38-store estate are shut down.

Steamer Trading had appointed administrators from KPMG yesterday.

“We are delighted that we have been able to rescue such a long-established business including a high proportion of stores and preserve a large number of jobs, especially given the current economic pressures faced by retailers across the UK,” KPMG UK director Nick Holloway said.

“The trade sale compliments the existing ProCook business and further increases its high street presence.”

KPMG said employees affected by redundancy would “receive the information and guidance they need in order to claim monies owed”.

Clare Burgess, who was previously Steamer Trading trading director, will now head up the retailer under its new owner.

“While I am sad to say goodbye to some colleagues, I’m excited about the future for Steamer Trading,” she said.

“The new Steamer trading stores will be offering an exciting shopping experience with a great mix of exclusive products alongside iconic kitchen and homeware brands.”

ProCook owner Daniel O’Neill said: “We are delighted to announce this news and see it as a fantastic opportunity for Steamer Trading and ProCook to grow both brands.

“Our focus will continue to be on providing excellent value for money, great service and innovative high-quality homewares.”

He added: “We are very excited about the future, though because of high rent and rates and the current retail climate we had to make the decision not to take on all the stores.

“However, we will endeavour to fill all vacancies across our stores by transferring people from closing stores.”

Click here to sign up to Retail Gazette‘s free daily email newsletter



Please enter your comment!
Please enter your name here