5th Nov 2008 17:00
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.
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