Around 400 jobs have been saved at a Birmingham retailer of homewares and accessories after it was bought out of administration by renowned building products firm Screwfix.
Connect Distribution Services, which is headquartered in Small Heath and has a national distribution centre in Bordesley Green, has been acquired for £3 million.
The company sells appliance spares, accessories and consumables to both tradespeople and consumers through digital and telephone channels such as eSpares, BuySpares and 4OurHouse.
These will continue to operate as normal following the deal which has been agreed with administrators from Alvarez & Marsal.
The buyout will see Yeovil-based Screwfix, which is part of the same retail group as B&Q, continue to operate the business as a going concern, acquiring its e-commerce platforms, stock, intellectual property and product data.
Around 400 current employees will also transfer over to Screwfix which said there were now many opportunities for synergies as both businesses serve trade and consumer customers through digital and fulfilment platforms.
In due course, it said it planned to explore opportunities to enable customers to click and collect orders through Screwfix's nationwide network of stores along with potential synergies with other parts of the Kingfisher group.
Connect Distribution Services' chief operating officer Mark Depper said: "I'm delighted that Screwfix and Kingfisher have recognised the strengths of the brands and will continue to run this amazing business that my father started 50 years ago.
"I'm confident that this new ownership will realise the full potential of the brands."
Screwfix's chief executive John Mewett said: "I'm very pleased to be able to secure the future of the business of Connect Distribution Services and its brands for its customers, engineers and colleagues.
"The business' popular ecommerce platforms have significant growth potential and they play an important role in helping tradespeople and consumers keep products in use for longer, supporting our sustainability agenda. As an entrepreneurial and customer-focused family business with a 50-year history, the culture is a great fit for Screwfix and we look forward to welcoming our new colleagues."
Mike Denny, joint administrator from Alvarez & Marsal, added: "We are delighted to have completed a sale of the majority of the business and assets of the Connect Distribution Services group of companies to Screwfix, saving over 400 jobs. We wish the business every success under its new ownership."
