By James Wells
ADELAIDE: The Truscotts Hi-Fi business is once again a private business owned by a local family in Adelaide after a business couple with no previous electrical appliance experience, Christopher and Janine Starrs, purchased the retail business from the BSL receiver.
According to a statement distributed this afternoon by BSL receiver, Phil Carter from PricewaterhouseCoopers, under the conditions of the sale, the Starrs family will acquire all seven Truscotts stores in South Australia located at Hillcrest, Melrose Park, Morphett Vale, Parafield, Woodville, Port Lincoln as well as the flagship store in Adelaide City.
In addition to acquiring the Truscotts brand, the network of stores and all owned stock, fixtures and fittings, the Starrs family will offer positions to 60 existing Truscotts employees.
"With Truscotts back in local hands, we can give the employees good news and prepare to give our loyal customers some Christmas bargains to re-establish the Truscotts market share," said Chris and Janine Starrs in the statement.
“We are delighted to have achieved another successful result in a short timeframe,” said Carter.
“It follows hot on the heels of the sale of BSL’s core franchise business to a consortium of senior franchisees two weeks ago.”
“Interest in Truscotts was strong from a number of parties, which is not surprising given the iconic status of the brand in the South Australian market and its substantial turnover.”
Truscotts was a subsidiary of Betta Stores Limited (BSL) which followed its parent into receivership and administration in early October. The core franchise business of BSL was sold two weeks ago and the receivers have now achieved a separate going concern sale of Truscotts.
The sale of BSL’s other assets, including its Brisbane-based head office premises, is still in progress.