The administrator of troubled retail and fulfillment firm ChoicesUK has finally found a buyer – in the shape of multi-channel retailer Findel.
Findel has made the purchase on behalf of its sister company Webb Group Ltd.
According to administrator PricewaterhouseCoopers, the new business will focus on driving forward ChoicesUK's wholesale packaged entertainment business and its online and mail order business.
All employees who work in local and direct have transferred to the new business with the sale.
However, Findel has refused the option to acquire the firm's High Street retail operation. PWC will continue to operate 139 ChoicesUK stores and are actively seeking a purchaser for the business.
Joint administrator of PricewaterhouseCoopers Nick Cropper said:
Following an intensive sales process, I am pleased to announce the sale of the local and direct businesses to Findel PLC on behalf of its associate, Webb Group Limited.
The sale provides a secure home for the local and direct businesses, allied with strong management experience and capability. I would like to take this opportunity to thank the employees, suppliers and customers of ChoicesUK for their support and co-operation throughout this difficult time.
"Our next task is to sell the retail business of ChoicesUK. We have spoken with a number of interested parties and our priority now is to work hard to achieve a sale of the business as soon as is possible.”