Powerhouse shops sold
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Hanson announced yesterday that it has sold its Powerhouse chain of electrical shops to the group's management for an undisclosed sum, writes Nigel Cope. The deal - which saves 1,400 jobs - includes 94 high street shops and 28 out of town superstores in the Midlands, Home Counties and Eastern England.
The previously announced closure of the remaining 195 Powerhouse stores, and the loss of more than 2,000 jobs will still go ahead in June. Hanson acquired the chain as part of its takeover of Eastern Electricity last year.
The management team is led by chief executive Glyn Moser, a former managing director of Radio Rentals, backed by BZW private equity and the Royal Bank of Scotland. The business will have a turnover of pounds 114m.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments