First wholesale business for restructuring firm
The newly formed Hilco Wholesale has been appointed by Moygashel Furnishings in Northern Ireland to manage the closure of its fabric business.

It is the first deal for Hilco Wholesale, a division of the Hilco UK. It will be responsible for selling off all remaining stock in the UK and Europe. Moygashel Furnishings will continue to trade in the US.

Hilco chief executive Paul McGowan said the wholesale division was a 'natural extension' of its business. He said: 'This is an interesting way to start our new business. We set up Hilco Wholesale to acquire surplus stock and to offer exactly this type of service to non-retail businesses. The timing could not have been better.'

Earlier this year, Hilco acquired debt-ridden Northern Irish DIY chain Budget. It stabilised the business by funding the purchase of new stock and selling off a loss-making stores.

The Hilco group controlled retail sales of in excess of£1.3 billion last year, across department stores, fashion chains, entertainment retailers and homewares and DIY.

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