Lew jnr to bolster his group with MyHouse acquisition

It could almost be time to head to the clearing house.

Street Talk understands that administrators for embattled linen, bathroom and homewares retailer MyHouse have agreed to a deal that would see it land in the hands of Global Retail Brands, run by retail billionaire Solomon Lew's son Steven.

Sources told this column MyHouse's creditors were notified of the sale agreement on Wednesday.

The letter to creditors said that MyHouse's administrator and the buyer were putting together a deed of company arrangement that would be subject to a creditor vote on June 2.

It is understood the deal would see Lew's Global Retail Brands acquire the MyHouse brand, its intellectual property, its online store, all of its stock, many of its employees and a portion of the store network.

The sale was to be finalised by June 10, the creditors' letter said.

The letter said a final price for MyHouse had not been agreed and would depend on several factors.

It's a logical acquisition for Lew jnr and the founder and executive chairman of Global Retail Brands. His company is already well entrenched in the homewares, linen and bathroom game through retail brands House, House.com.au, Robins Kitchen and Your Home Depot.

Global Retail Brands has more than 170 retail stores across Australia.

Lew has been sniffing out acquisition opportunities this year and popped up as one of the names having a look at 170-year-old department store chain Harris Scarfe, which was eventually sold to retailer Spotlight.

Lew's latest target MyHouse entered voluntary administration on March 19 when it appointed William Buck as administrators.

The 60-year-old MyHouse has 38 stores across New South Wales, as well as an online presence. MyHouse went into administration after it fell victim to a weak retail environment that caused it to face liquidity issues.