Administrators exploring accelerated sale of major bed manufacturer

Airsprung Group, a major manufacturer of beds and mattresses, has fallen into administration, with administrators now exploring any interest in the company’s business and assets.

Airsprung, which is headquartered in Wiltshire, manufactures mattresses and beds which it sells directly to customers from its Trowbridge store and online, as well as distributing through several retailers. The company operates from two manufacturing sites in Trowbridge.

According to administrators, the company had faced challenging trading conditions over recent years, with its cashflow issues intensifying over recent months.

In response, the company explored potential investment options and offers for the business. However, its cashflow position, combined with the nature and level of interest, meant that it ultimately had to be placed into administration.

Administrators were appointed to Airsprung Group plc and Airsprung Furniture Limited on May 1. Due to the group’s overall trading and order book position, 71 of its 202 employees were made redundant upon the appointment of the joint administrators, with the remainder retained to assist in continuing its operations while interest in the business, its operations and assets is explored.

One of the group’s joint administrators commented: “It’s very sad that this well-known business with 150 years of history and iconic brands within the mattress and bed industry has had to go into administration, resulting in 71 job losses at this time. We know that this is an unsettling time for everyone impacted and we will support employees through the redundancy process.”

“The administrators will be engaging with customers and exploring any interest in the business and its assets on an accelerated basis over the coming weeks and would encourage any parties to contact ourselves.”

In accounts for the year to March 31 2024, Airsprung Group plc reported revenue of £25.3 million, down from £29 million a year earlier, while it fell from a pre-tax profit of £7.2 million to a loss of more than £2 million.

At the time, its non-current assets were valued at £4.6 million and current assets at £9.8 million, with total equity standing at £14.4 million.

Over the same period, Airsprung Furniture Limited reported turnover of £25.2 million, down around £29 million the previous year, while falling from a pre-tax profit of approximately £6.3 million to a loss of nearly £2.1 million.

Fixed assets were valued at approximately £4.5 million and current assets at £9.2 million, but net liabilities amounted to close to £5.1 million.

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