Allied Carpets taken up by offshore fund

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Sigma Capital Investments is reported to have bought the 218-strong chain as a long-term investment, but is likely to close poor performing stores.

Allied Carpets was put up for sale by its French owners, Tapis Saint-Maclou, late last year with Lazards handling the auction. The sale comes at crucial time with an £8 million second-quarter rent bill about to land for the group's leasehold properties.

Other potential bidders for the business included Hilco, the retail restructuring specialist which looked at Woolworths, and Merchant Equity Partners, the private-equity firm and former owner of MFI.

Tapis Saint-Maclou is reported to have pumped an extra £15 million of working capital into Allied in recent months but further funding was needed before the end of this month.

The French firm paid £84.2 million for Allied Carpets in 1999 in a deal which ended its stock market listing.