The anticipated takeover of ailing flooring retailer Carpetright by the rival brand which stemmed from the same founding family has been confirmed - but most stores are set to close and hopes have faded that almost 1,600 workers will escape redundancy.

Carpetright had 273 stores throughout the UK, including premises on Cheltenham's Manor Road. Along with this store, as well as nearby addresses in Cribbs Causeway, Bristol, and Lower Bristol Road, in Bath, Cheltenham's outlet is now set to close.

The struggling retailer filed a notice of intention which put administrators on standby on July 12 and Price Waterhouse Coopers (PWC) stepped in to oversee any rescue.

Appointed as administrators, PWC's Zelf Hussain, Rachael Wilkinson and Peter Dickens said they have now completed a rescue sale for 54 stores and two logistics hubs, to CWHP Ltd, which is part of the Tapi Group. The plan sees the Carpetright name continue within Tapi's portfolio.

Tapi has stores in Gloucester's St Oswalds Park and Cheltenham's Gallagher Shopping Park and was co-founded in 2015 by Martin Harris, the son of Carpetright founder Lord Harris of Peckham. Lord Harris created the first Carpetright shop in East London in 1988.

PWC said its plan was best option available to generate returns for creditors as a whole, "under severely limited timescales".

Head office employees, who number 308, will remain in their roles for now to support in winding-down operations.

PWC said: "Founded in 1988, (Carpetright) operates across the UK and the Republic of Ireland. Headquartered in Purfleet, Essex, it has 273 stores and 1,898 employees. The Company has been hit by challenging trading conditions, predominantly due to changing consumer preferences and a drop in home improvement spending post-pandemic. The business was also impacted by a cyber attack in April 2024, which had left it unable to trade for a period of time."

PWC added: "It is with deep regret that 1,018 individuals employed at sites which were not included in the transaction, and those providing in-home services, have had to be made redundant immediately on appointment. The administrators are working closely with the Redundancy Payments Service (RPS) to ensure that those affected receive their statutory entitlements as soon as possible. Tapi Group has shown a strong dedication to assisting affected Carpetright employees, by collaborating with other retailers to ensure their job applications receive priority and funding workshops aimed at improving employability skills. The administrators will assist in facilitating this."

Customers with outstanding orders are being warned that these will not be fulfilled, and they are being advised to contact their payment card provider about the possibility of a refund.

Zelf Hussain, Joint Administrator, said: "Carpetright has fallen victim to challenges facing many retailers, especially those selling big ticket items. A mixture of factors, including a big reduction in consumer spending due to cost of living pressures, lower home sales and a debilitating cyber attack made it impossible for the business to continue in its current form."

He added: "We are committed to helping those affected and will make sure redundancy claims are processed as quickly as possible. In collaboration with Tapi, we will assist in efforts to help individuals find new jobs elsewhere. We know this is an uncertain time for many of those affected and want to thank all the staff for the support they have given the company in these difficult circumstances."