Supplier placed in administra

RNS Number : 5534H

Home Retail Group Plc

05 November 2008

 



05 November 2008

Home Retail Group plc

Major furniture supplier placed in administration

Home Retail Group ('the Group') notes that Meristem Holdings Limited ('Meristem'), a UK-based furniture manufacturer, has today been placed in administration.  Meristem is a major supplier of 'flat-pack' furniture products to the Group, principally to Argos.  Product ranges manufactured by Meristem account for approximately £80m of the Group's annual sales.

The financial impact of Meristem's current difficulties on the Group will clearly be dependent on the outcome of Meristem's administration, as well as the Group's review of alternative sources of supply currently being undertaken.

Enquiries

Analysts and investors (Home Retail Group)

Richard Ashton        Finance Director                   01908 600 291

Stuart Ford             Head of Investor Relations

Media (Finsbury)

Rollo Head                                                        020 7251 3801

Information in this announcement is based upon unaudited management accounts.  In addition, certain statements made are forward looking statements. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual events or results to differ materially from any expected future events or results referred to in these forward looking statements.

 

END

 

 

STRFKPKPABDDCDK