Tue, 31 Jan 2017 | BUSINESS SALE
The owner of UK bed retail chain Dreams is set to put the firm on the block for £400 million after turning the business around.
The Telegraph reports that private equity house Sun European Partners has asked investment bank Rothschild to canvas potential buyers of Dreams, which was established in 1986.
Sun bought the chain out of administration four years ago and, since then, has rescued it from the scrapheap, getting rid of debt, closing stores and trebling profit.
The chain, which has 180 stores around the UK, is set to report sales of up to £285 million in its latest accounts and, thanks to a 40 per cent spike in like-for-like sales, now makes £35 million of underlying earnings. Last June, Dreams paid off all its remaining debt.
Sources told the Telegraph that a sale, float or refinancing of the firm are being considered.
Dreams collapsed after struggling to keep up with debt interest payments. Sun has also overseen revived furniture retailer SCS, which collapsed in 2008.
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