More than 300 jobs have been saved after a buyer was found for struggling laminate floor firm Floors-2-Go.

Administrator Kroll said it had sold 80 of the firm's stores to the chain's founders, securing jobs for 301 staff.

The buyers are Robert and Richard Hodges and their new company, Floor My Home. The price was not disclosed, however it will be likely that the brothers have reinvested only a small part of the money they made in exiting the business.

The sliding housing market was blamed for the demise of the business, which was the subject of a £52m management buyout in December 2006 backed by Alchemy Partners, the private equity vehicle led by Jon Moulton. The administration was a rare setback for Moulton.

Although 80 stores have been rescued, Kroll closed 41 stores last month and shut the remaining 11 over the weekend.

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