// Bathstore’s likely collapse puts 700 jobs and 168 stores at risk
// BDO advisors are on hand to manage a possible administration
// The group’s owner is unwilling to inject further cash into the business
Bathstore has revealed it is facing collapse, putting 700 jobs and 168 stores at risk as the company remains on the brink of administration.
The UK’s largest specialist bathroom retailer has appointed advisors from BDO to handle a likely administration after failing to seek a buyer.
The group’s owner is unwilling to inject further cash into the business ahead of this month’s rent day.
Bathstore made a pre-tax loss of £22 million on sales of £141 million in the year to July 31 2017, according to the latest accounts filed by Companies House.
Meanwhile, Bathstore chairman Geoff Battersby said the company has suffered from low consumer confidence and rising costs and pound sterling devaluation as a result of Brexit.
Bathstore initiated a turnaround plan last year by taking out a £15 million loan and hiring a new chief executive after it noticed the tough trading conditions.
Moreover, Bathstore rival Better Bathrooms collapsed into administration in March, resulting in the loss of 325 jobs.