The founder of a property development company has acquired the 20-store retailer Flooring Republic and plans to build it into a national chain.

Newly-formed Taylor Grange Retail has saved the business, which majors in smooth floorcoverings including wood and vinyl and also traded as Posh Flooring, after it was placed into administration this spring.

The newco is funded by Rakesh Doal, the founder of real estate business Taylor Grange Developments. It plans to more than double the Flooring Republic store network and eventually build it into a chain of over 100 stores. Terms of the transaction were not immediately disclosed.

Kelly Burton and Lisa Hogg, both of insolvency specialists Wilson Field, were appointed joint administrators of Leeds based Posh Flooring Retail and Posh Flooring Online on April 20.