Soak scrambles to find rescuer to avoid administration

Soak administration buyer
The bathroom retailer has lined up restructuring and insolvency specialist Leonard Curtis to seek a buyer
// Soak is seeking a rescuer to avoid the company from collapsing
// The news follows Soak’s attempt in appointing accountancy firm BDO in December
// Soak saw annual sales of £43m, down from just over £70m for the year ending in July 2018

Soak is reportedly scurrying to find a rescuer before its deadline this week in a bid to avoid administration.

The bathroom retailer has lined up restructuring and insolvency specialist Leonard Curtis to seek a buyer, The Telegraph reported.

The news follows Soak’s attempt in appointing accountancy firm BDO in December to help sell the business less than a year after it was spun out from London-listed plumbing and heating supplier Ferguson, and sold to former Boohoo executive Christopher Bale.

READ MORE: Better Bathrooms is profitable again, say new owners

Leonard Curtis, which specialises in corporate recovery, insolvency and restructuring, is looking to secure an offer for parts or all of the business by Tuesday evening.

Soak has recorded annual sales of £43 million, down from just over £70 million for the year ending in July 2018, when it said it had 200 staff.

Other bathroom chains which have collapsed include high street retailer, Bathstore. Better Bathrooms, another small chain, also called in administrators last year but was later sold to retail group Buy It Direct.

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  1. Most of the workers who Chris Bale made redundant from nuneaton last year can’t wait for him to fail, mostly because if how he personally ruined that business with the lies and bs over the course of four to five years.
    There’s no way this can be seen as an attractive business now that distribution is handled in Liverpool, that’s why turn over is down.
    The warehouse in nuneaton remains empty dispite being up for rent at a fairly affordable price.
    I guess Chris’s wife will have to give up her blue lambo soon!

  2. so true, unbelievable that a company that grew every year has failed once Chris Bale took the reins! couldn’t handle the pressure or he listened to the wrong people who told him Liverpool was a good move.

    7 months since people got made redundant and they are going bust within the year i’m glad ex co workers got their redundancy pay and moved on when they did, the people still left there i feel bad for them. Chris Bale wont come out any worse multi millionaire backed by banks, its the small guy that gets done over.


  3. Worked at soak from the days Chris li was in the business who saw my potential and moved me through the business.along the way there was a few idiots in positions but now Im back where I belong.this has been a long time coming. Someone as good as me in my position they let go so easily. Especially promoting a peer ahead of me.sort of deserved whats coming.

    • Those confidence classes are starting to work I see Jon. Maybe a modesty, or possibly a grammar course should be next on the list.

  4. Yes. paid for a bathroom suite on Wednesday. I suppose that is never going to materialise..The common man always takes the hit as per usual…These directors seem to always come out smelling of roses…I am not happy about that!!

    • Sorry to hear you probably won’t see your bathroom or your money back. Try and contact Leonard Curtis and see what they say. All the staff were let go on Friday and they have to apply for a government handout because the owner Chris Bale saw fit not to pay any of them their wages or any redundancy pay. So i hope you get a better deal than they did.

  5. What about the customer? Daughter returned a bathroom suite 13/2/20 as it was wrong and they accepted it back knowing full well that she wouldn’t get her money back. What can she do now? Tried to contact them but not answering phone or emails. Any advice anyone?


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