Thu, 20 Oct 2022 | BUSINESS SALE
Eve Sleep’s brand, website and intellectual property have been bought out of administration by Benson for Beds.
Eve Sleep which is an AIM-listed direct-to-consumer sleep wellness brand, which operates in the UK, Ireland and France, appointed administrators from Kroll this week after it announced a formal sale process in June 2022.
Matt Ingram, managing director of Kroll, said: "Eve Sleep is a well-established brand with huge visibility across the UK, however, it faced a challenging market backdrop over the past year.
"The company launched a formal sales process in June 2022 but with UK consumer confidence reaching a record low in August 2022 this process was unsuccessful."
Eve Sleep sells its products through a retail partnership with DFS and through its online portal.
The board launched a formal sale process after talks with a US investor fell through and received "a number of indicative offers", but was unable to secure a deal.
Cheryl Calverley, chief executive, Eve Sleep said: "It is heartbreaking to have to acknowledge that the best way to preserve value for creditors, those partners and suppliers that have helped us on this journey, is to now terminate the formal sale process and appoint administrators.
"Having seen the year start so brightly, with the efforts of the team over the past three years in rebuilding Eve into a business fit for profitable growth coming to fruition, the frustration at the unprecedented downturn in the market over February and March was felt all the more keenly.
"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."
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.”
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