// 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.
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.