Home furnishings chain Ponden Mill has been sold for a reported £6 million.
A consortium of retail recovery specialist Hilco and hedge fund Agilo has stepped in to buy the struggling retailer.
The 250-store chain has suffered from tough trading conditions and increased competition on discounted furnishings by value retailers and supermarkets.
Grant Thornton retail director David Bush said that the discount end of the market in which Ponden Mill operates was extremely “cut throat”. Furnishing offerings from Tesco Direct and Asda’s George brand have hit Ponden Mill’s market share hard.
Ponden Mill started as a market chain selling tea towels 40 years ago.
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