Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Bensons for Beds buys Eve Sleep out of administration after “economic tsunami” collapse

by October 18, 2022
October 18, 2022
Bensons for Beds buys Eve Sleep out of administration after “economic tsunami” collapse

Eve Sleep has been bought by Bensons for Beds after it collapsed into administration under an “economic tsunami” that has seen its share price plunge by more than 80 per cent this year.

Bensons has acquired the Eve Sleep brand, website and intellectual property for an undisclosed amount and plans to relaunch the mattress maker online this month.

Alteri Investors, the private equity owner of Bensons, recently provided additional investment to the retailer so it could grow its business.

Nick Collard, chief executive of Bensons, said that the Eve Sleep brand will help the group “appeal to a broader set of customers”.

He 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.”

The mattress maker had drafted in administrators from Kroll Advisory after it failed to secure a solvent sale of the business.

Eve Sleep said in a statement that shareholders were unlikely to see any payout from the insolvency process.

The mattress maker was valued at about £140 million when it listed on the Aim market at 101p a share, raising £35 million from investors. Trading in the shares, which closed at 0.5p on Friday, have been suspended.

Eve Sleep put itself up for sale this summer after failing to turn a profit in the years after the float and coming under pressure from the cost of living crisis.

The group revealed it had been in talks with an American investor who later withdrew interest, and that it did not progress with any potential buyers beyond conducting due diligence.

The company first launched in 2015 by selling memory foam mattresses delivered in boxes that unrolled on delivery to a customer’s home. The founders promised to deliver the “world’s most comfortable mattresses” and customers were allowed to trial the product for 100 nights after delivery.

However, Jas Bagniewski, the co-founder and chief executive, left just over a year later when sales fell short of expectations and the management team admitted they had “made some strategic missteps”.

Eve Sleep then appointed James Sturrock as its new boss and launched takeover talks with rival mattress maker Simba. The talks collapsed, and Sturrock was replaced by Cheryl Calverley in April 2020.

Calverley expanded Eve Sleep’s product range to include CBD oils and candles in an attempt to move into the expanding wellness market.

She has now admitted her “frustration at the unprecedented downturn in the market over February and March” that has forced the company into administration.

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.

“We have moved heaven and earth to seek a way forward as an independent or acquired business, but ultimately prevailing market conditions just do not support that.”

Read more:
Bensons for Beds buys Eve Sleep out of administration after “economic tsunami” collapse

0
FacebookTwitterGoogle +Pinterest
previous post
Greggs wins £150m landmark High Court Covid insurance case
next post
Debt-stricken companies face increasing risk of credit-risk downgrades

You may also like

How Automated Packaging is Revolutionizing Supply Chains

May 15, 2025

Former Kemi Badenoch advisor says conservative Government ‘does...

September 15, 2023

Drop in consumers buying electric cars as new...

October 5, 2023

‘Nosedive’ in HMRC service levels impacting millions of...

September 25, 2023

Trends That Shaped Clinical Trials in 2022!

October 12, 2022

Banks set to reign in lending as economic...

October 14, 2022

Government injects £54m into the development of trustworthy...

June 15, 2023

Tech Nation lines up potential buyers for assets...

February 13, 2023

IAG Loyalty partners with Uber helping riders collect...

November 9, 2022

Excelling in Marketing Management Assignments: Expert Insights on...

February 16, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025
    • House witness flips script on Dem who ambushed him during hearing with unearthed tweet: ‘Iceberg is ahead’

      June 7, 2025
    • Call with China’s Xi, and Trump-Musk exchange fueled barbs during 20th week in office

      June 7, 2025
    • Trump’s conservative allies warn Congress faces critical ‘test’ with $9.4B spending cut proposal

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,568)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved