Bill Grimsey and Bill Hoskins, the men who revived DIY chain Wickes in the 1990s, will take over the management of Focus, the debt-laden retailer being bought by US hedge fund Cerberus. Financial Times

The takeover is expected to be announced today. Cerebus, which specialises in distressed debt, could acquire the home improvement chain for £220m. However the total value of the group’s debt is £280m.