Kingfisher owned Screwfix has acquired online retailer Connect Distribution Services (CDS) out of administration in a £3m transaction for the stock, IP, contracts and fixed assets of the business. The transaction was brokered by administrators from Alvarez & Marsal.
CDS will now continue to operate its online trading brands with c.400 employees transferring to the Kingfisher Group. Brands include eSpares, BuySpares, 4OurHouse and Connect Trade Portal.
John Mewett CEO Screwfix 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, Alvarez & Marsal, joint administrator of Connect Distribution Services said: “We are delighted to have completed a sale of the majority of the business and assets of the CDSL group of companies to Screwfix, saving over 400 jobs. We wish the business every success under its new ownership.”