Group. Another 98 stores were added to the portfolio. The majority of these stores were re branded as Focus, except for some larger stores which became Wickes. By 2002, through rapid expansion and acquisition, Focus had become the second biggest DIY chain in Britain with 430 stores and sales of over £1.66 billion. In December 2004, the Wickes business and stores were sold to Travis Perkins for £950 million, making a tidy return on the £350 million initial investment. The sale was completed in February 2005. By January 2007, it was clear that the company had run into financial difficulties; it was close to breaching its banking covenants, and struggling under debts built up over the acquisition spree in the preceding years. The DIY market as a whole had experienced a two-year drop in sales. and Focus blamed "challenging" market conditions for the difficulties. Focus appointed bankers Rothschild to advise it on a potential sale of the business. The "new" Focus Cerberus Capital purchased Focus DIY for £1 in June 2007, and appointed Bill Grimsey, formerly CEO of Wickes, as CEO. In an attempt to tackle the financial problems the owners restructured the business, and injected fresh capital in the form of £200 million via loans by the owners Cerberus Capital, Bank of Scotland and GMAC. Costs were slashed, and under performing stores were either closed or sold to other retailers, including Homebase, Tesco, Wickes and Sainsbury's. A programme of new store formats and further cost cutting was undertaken in 2009. In February 2011, Asda announced the purchase of six stores from Focus DIY, which were converted into supermarkets later that year. By January 2011, the number of stores had gradually been reduced from 256 in 2007 to 178. Supply chain In November 2008, Focus had one main distribution centre, in Tamworth, which was acquired with Do It All in August 1998. The closure of the Severnside distribution centre was announced in October 2008, citing adverse financial circumstances. Administration In August 2009, Focus narrowly avoided administration, when BDO Insolvency practitioners achieved a company voluntary arrangement. This was to restructure, and repay debts over a contracted period of time. On 5 May 2011, it was announced that owners Cerberus Capital had placed Focus into administration, after failed attempts to find a rescue deal. Ernst & Young placed Simon Allport, Alan Hudson and Tom Jack as joint administrators at midnight. On 6