Carpetright has been rescued from collapse through a deal with a competing flooring company established by the son of its founder, although it will result in the loss of hundreds of jobs, according to reports.
Tapi will acquire the Carpetright brand, intellectual property, two warehouses, and 54 stores, but the deal excludes Carpetright’s head office and an additional 200 stores across the country.
Jeevan Karir, managing director of Tapi, stated that the initial intention was to save the entire Carpetright business, but it “quickly became clear that saving the entire business was unviable.”
He added that the agreement would save approximately 300 jobs.
Earlier this month, Carpetright filed a notice of intention to appoint PWC as administrator and began searching for a buyer.
Today’s reports indicate that Tapi’s offer was the only one that included rescuing both jobs and stores.
Tapi was founded in 2014 by Martin Harris, son of Carpetright founder Lord Harris of Peckham.
