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Methven recoups some losses from Focus DIY

Shower manufacturer Methven has managed to get back some of the NZD2m (£996,400) owed to it by DIY retail chain Focus.
According to a statement on the New Zealand-based company’s website, Focus administrator Ernst & Young has agreed to the return of £329,675 plus VAT to Methven UK Limited.

It will get half on June 16 and the rest two weeks later.

The company, which saw its profits drop 39% due to Focus’ collapse, said it does not expect any further recovery.

A spokesperson for administrators Ernst & Young said that Methven had made a ‘retention of title’ claim for stock that hadn’t been paid for, and that other similar claims were expected.

About Fiona Russell-Horne

Fiona Russell-Horne
Group Managing Editor across the BMJ portfolio.

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