The UK's second-largest flooring retailer Allied Carpets has been snapped up by an offshore investment fund, for an undisclosed sum.
The offshore fund, backed wealthy US investors, is Sigma Capital Investments who diyweek.net understands has seen future profits in the carpet retailer, although it is likely to close some of its 218 stores.

Allied Carpets, was bought by Tapis Saint-Maclou in 1999, and have not commented on the sale but have been on the market since Christmas.

The deal, which went through yesterday, came a day before of the second-quarter rent day, when the chain faced an £8M rental bill.

In 2007, Allied Carpets made an operating loss of £6.8M, on total sales of £206M.