Cookshop chain Steamer Trading has been bought out of administration by trade kitchenware retailer ProCook.
Steve Absolom and Will Wright of KPMG were appointed as joint administrators of the business today and subsequently completed an agreement to sell 27 Steamer Trading stores and most of the company’s assets to ProCook.
Some ten underperforming stores have not been included in the deal and will now close with the loss of 79 jobs.
However, a Steamer Trading store in London’s Knightsbridge, which trades under the Divertimenti brand, has been acquired by Divertimenti Limited.
The two deals have resulted in the saving of 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.”
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