Eve Sleep has been plucked from administration by rival Bensons for Beds after collapsing under the weight of an ‘economic tsunami’.
The purchase – the price of which was not disclosed – came after the online mattress retailer said it had ‘moved heaven and earth’ to stay afloat, including putting itself up for sale.
But talks with several potential buyers came to nothing and chief executive Cheryl Calverley said it had made the ‘heartbreaking’ decision to call in administrators, triggering the swoop by Bensons, which is owned by private equity firm Alteri Investors.
Eve Sleep has been plucked from administration by rival Bensons for Beds after collapsing under the weight of an ‘economic tsunami’
‘Eve Sleep is a brand that we know resonates strongly with key customer groups and we’re looking forward to unlocking its full potential,’ said Bensons for Beds boss Nick Collard.
Eve Sleep’s collapse came as beleaguered online furniture retailer Made.com said it was in talks with buyers about its own rescue deal.
It has given bidders until the end of the month to submit ‘firm offers’.
Eve Sleep shares listed on the stock market at 101p in 2017, giving it a value of £140m.
The stock was trading at 130p by the end of that year.
But the firm failed to perform and was hit by the departure of one of its co-founders and a botched merger with rival mattress maker Simba.
Shares lost almost all their value.
They were worth 0.53p when it filed for administration. Eve Sleep warned that shareholders would now be wiped out.
Calverley said: ‘Despite monumental efforts to restructure the business and reshape the cost base, the scale of Eve was simply insufficient to withstand the economic tsunami that has gathered momentum over the past six months, and allow it to continue as an independent business.’
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