Bensons for Beds buys Eve Sleep after confirming administration

26 October 2022 Consultancy.uk 1 min. read
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Benson for Beds has bought the brand, intellectual property and website of Eve Sleep’s brand, after it fell into administration. The deal was overseen by administrators from Kroll.

In June 2022, online mattress retailer Eve Sleep Eve Sleep said it was seeking out a buyer or new investor, amid a market-wide downturn of home furnishings online sales. As consumers scaled back non-essential purchases, Eve Sleep warned it would miss out on revenue targets for the year.

Perhaps due to that bleak outlook, while the company said it had received 'a number of indicative offers', none progressed past its due diligence process. As a result, in October, the firm’s financial position reached the tipping point – and amid what its CEO, Cheryl Calverley, called an 'economic tsunami' of shrinking share prices and slow sales, it installed administrators.

Bensons for Beds buys Eve Sleep after confirming administration

Kroll’s Matt Ingram led a team to take control of the company and look for possible ways to save it. Speaking on the situation, Ingram described the firm as “a well-established brand with huge visibility across the UK,” but admitted “it faced a challenging market backdrop”.

Eventually, this saw Kroll accept an undisclosed deal from Bensons for Beds. The move saw the firm acquire Eve Sleep’s brand, intellectual property and website – though releases did not mention what that means for staff.

Bensons for Beds chief executive Nick Collard added, "Eve Sleep is a brand that we know resonates strongly with key customer groups and we’re looking forward to unlocking its full potential as it takes advantage of our scale and reach.

"What’s more, bringing in Eve Sleep alongside our own growing portfolio of high-quality in-house brands will help us widen Bensons appeal to a broader set of customers.”