Thu, 27 Feb 2020 | BUSINESS SALE
Houseology has been bought from administration by rival furniture ecommerce firm Olivia’s for an undisclosed sum.
Olivia’s, which is part of The Moot Group, purchased Houseology, which went into administration last month, following a blind auction process. Houseology’s administration was handled by Stuart Robb and Michelle Elliot of Leonard Curtis Recovery.
It has acquired all of Houseology’s IP and assets, including its suppliers and stock. While Olivia’s will not take on Houseology’s historic liabilities, it has said it will work with customers affected by the administration and try to work with historical creditors.
Olivia’s has also said it will integrate all of Houseology’s customers and suppliers into its current offering while continuing to run it as a standalone brand.
Houseology was founded by Kate Mooney in 2010 in Glasgow as Occa-Home, rebranding in 2015. Since then it had raised in excess of £6 million through investment rounds, being backed by figures including Sir Terry Leahy, Bill Dobbie and Jill Little.
However, poor returns and a dysfunctional logistics process lead to the business making losses. At its height, Houseology had delivered around £10 million in annual revenue, but a poor fourth quarter in 2019 saw the brand enter administration.
Discussing the acquisition, The Moot Group said it would give Olivia’s the opportunity to grow in the UK’s ecommerce market.
The Moot Group was founded in 2018 by Nick Moutter. Following the acquisition, the group is on target to deliver revenue of £20 million in 2020 and continue to grow.
Established for approximately 6 years – this company has grown to become one of the leading pet and aquatic retail businesses in the area. It has a predominantly domestic customer base – the vast majority of its sales are to the domestic market.
LEASEHOLD
The company produces and supplies a wide range of coffee products created using ethically sourced beans from South America. The core products comprise wholebeans, grounds, single-origin roasts, blends, cold brews and compostable pods.
LEASEHOLD
The company offers an extensive range of luxury cars, including vehicles from prestigious manufacturers such as Aston Martin, Ferrari, Lamborghini and Rolls Royce. The business operates with a unique showroom-free approach, utilising a dedicated onli...
FREEHOLD
07
|
Feb
|
Marine engineering firm to target M&A after revenue grows 21.5 per cent | BUSINESS NEWS
Marine engineering and warehousing business Shepherd Offshor...
07
|
Feb
|
Administrators exploring accelerated sale of telecoms contractor | ADMINISTRATION
Administrators from RSM UK Restructuring Advisory LLP are se...
06
|
Feb
|
M&Co brand bought out of administration, but 170 stores still to close | ADMINISTRATION
Scottish clothes retailer, M&Co has been bought out of admin...
Sign up to receive our acquisition alert emails to get your FREE guide
12
|
Aug
|
Yorkshire abattoir business in administration | ADMINISTRATION
Administrators have been called in to an abattoir business t...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources