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200 jobs at DIY store are at risk Jobs at six DIY stores 'at risk'
(about 4 hours later)
Up to 200 jobs are at risk at a chain of DIY stores across Northern Ireland. About 187 jobs are at risk at a chain of DIY stores across Northern Ireland.
Budget DIY, which has six stores across Northern Ireland, has gone into administration.Budget DIY, which has six stores across Northern Ireland, has gone into administration.
Staff were told the news late on Friday afternoon. The administrators, Pricewaterhouse Coopers, are due to make a statement on the stores later. Administrators, Pricewaterhouse Coopers, said their immediate objective was to determine the financial position and ensure staff were paid.
Garth Calow of Pricewaterhouse Coopers said attempts by the owners of Budget DIY to find a new buyer for the business had proved unsuccessful.
"No new stock has been introduced to the stores in recent times, cash reserves are low and staff were recently advised that store closures may be imminent.
"Our immediate objective is to determine the precise financial position and to ensure that staff are paid.
"We will continue our efforts to realise the remaining stock and will clarify the position after we complete an assessment of the business."
There has been no confirmation of job losses or store closures. However, there are "closing down sale" signs at Budget's Belfast and Bangor stores.There has been no confirmation of job losses or store closures. However, there are "closing down sale" signs at Budget's Belfast and Bangor stores.
Staff were given a management statement on Friday when the administrators were brought in.Staff were given a management statement on Friday when the administrators were brought in.
They were given no indication about jobs and they said they had been told not to comment officially.They were given no indication about jobs and they said they had been told not to comment officially.
Some staff members said they felt angry and upset at the way matters had been handled.Some staff members said they felt angry and upset at the way matters had been handled.
One member of staff said they had been told they would get 24 hours' notice of any job losses.One member of staff said they had been told they would get 24 hours' notice of any job losses.
Budget has stores across Northern Ireland including Bangor, east and west Belfast and Newtownabbey. Budget has six stores across Northern Ireland including Bangor, east and west Belfast, Newtownabbey and Londonderry.
A spokesman for PricewaterhouseCoopers confirmed that Budget DIY had gone into administration. In recent years Budget DIY had suffered significant losses as a result of growing competition. In March 2006, the share capital of the company was acquired by Star Trading Ltd, a wholly-owned subsidiary of the Manchester-based Hilco Group.