ProCook announced its purchase of Steamer Trading earlier this week, (January 9), taking on 27 of the chain’s stores (including Kitchens), its e-commerce and the head office team. Steamer Trading Cookshop and Kitchens will keep their brand identities.
Daniel O’Neill, owner of ProCook stated: “We are delighted to announce this news and see it as a fantastic opportunity for Steamer Trading and ProCook to grow both brands. Our focus will continue to be on providing excellent value for money, great service and innovative high-quality homewares.”
He added, “We are very excited about the future, though because of high rent and rates and the current retail climate, we had to make the decision not to take on all the stores. However, we will endeavour to fill all vacancies across our stores by transferring people from closing stores.”
Clare Burgess, previously trading director of Steamer Trading, will now head up the Steamer Trading Cookshop brand. She commented: “While I am sad to say goodbye to some colleagues, I’m excited about the future for Steamer Trading. The new Steamer trading stores will be offering an exciting shopping experience with a great mix of exclusive products alongside iconic kitchen and homeware brands.”
KPMG’s Steve Absolom and Will Wrightwere appointed as joint administrators for Steamer Trading (January 9) as part of the sales process. Nick Holloway, director at KPMG UK, who led the sale, commented: “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.”
Ten stores are due to shut, including Steamer Trading’s Glasgow branch. Stock from the stores that are closing will be transferred to the remaining shops.
Meanwhile, Ben Phillips, hitherto creative director of Steamer Trading, has acquired Divertimenti in Knightsbridge.
Ben admits that he has been “searching for solutions” for the business (founded by his parents David and Liz Phillips) in an “incredibly difficult market”, experiencing a “tough” Christmas. “I’m now very pleased to find a new home for the Steamer Trading business,” he told GiftsandHome.net. Ben also acknowledged the retail acumen of ProCook’s Daniel O’Neill, who has “done a great job of turning around the ProCook business.”
KPMG administrators are formally contacting those Steamer Trading’s suppliers that have not received payment. With the company’s borrowing having been paid off already, and with some freehold property left, Ben says that “there will be some value left.” He adds: “It will take time, and there will be costs involved, but hopefully, under the circumstances, it will be a reasonable outcome for creditors.”
Top: Steamer Trading’s Beverly store – now one of the 27 branches owned by leading kitchenware retailer ProCook.
