The Horsham branch of a national retailer has been saved after the company entered administration.
Speciality kitchenware retailer Steamer Trading filed for administration last week with its 38 stores and hundreds of staff facing an uncertain future.
However, administrators KPMG said a deal was struck to save all but ten stores, with Horsham’s East Street shop one of the sites set to continue trading.
Steamer Trading announced it had filed for administration last Wednesday (January 9) and appointed KPMG to oversee the process.
Following the appointment a deal was struck selling a majority of the business to cookware company Procook. Twenty-seven stores - including the Horsham branch - were sold to the national firm, saving hundreds of jobs.
KPMG said a further store had been taken over by cookshop Divertimenti Limited.
In total 28 stores have been saved along with 332 jobs.
Nick Holloway, director at KPMG UK, said: “We are delighted that we have been able to rescue such a long established business including a high proportion of stores and preserve a large number of jobs, especially given the current economic pressures faced by retailers across the UK. The trade sale compliments the existing ProCook business and further increases their high street presence.”
However, 79 jobs have been lost as KPMG said ten ‘underperforming’ stores had not been purchased and are set to close with ‘immediate effect’.
Those stores include the branches in; Battle, Heathfield, Westerham, Dorking, Bluewater, Taunton, Wells, Bournemouth, Cambridge and Glasgow.
Steve Absolom, restructuring partner at KPMG in the UK and Joint Administrator, said: “Whilst it is always pleasing to preserve a significant number of jobs, sadly a number of redundancies are to be made at the ten closed stores. Over the coming days, our priority is to ensure all employees who have been affected by redundancy receive the information and guidance they need in order to claim monies owed from the Redundancy Payments Office.