Hilding Anders International announced today that the assets of the two UK subsidiaries have been sold to Steinhoff UK Beds Ltd and GT Global Trademark AG.
Over the past four years, Hilding Anders has undertaken a programme of operational change and provided significant additional cash funding to the business in a bid to make the UK operations more competitive. Various initiatives have been implemented to deliver positive results and return the business to profit – such as the out-sourcing of spring and cover production and the launch of a new product assortment.
“Despite our best efforts, we have been unable to secure a financially-viable model which is sustainable in the long-term,” says Anders Pettersson, CEO of Hilding Anders International. “During the last year we launched a strategic review to examine future options for the UK business. Strong interest resulted in four formal offers. We selected Steinhoff UK Beds Ltd as preferred bidder, offering the most preferential terms and guarantees for the business and its staff.”
The sale of Hilding Anders’ UK trade and assets to Bensons for Beds and Harveys owner Steinhoff was handled by administrators. As a result of a simultaneous transfer of ownership, trading of the company’s bedding business in Huntingdon can continue without interruption, and jobs have been safeguarded.
“Hilding Anders will no longer manufacture in the UK,” continues Anders. “However, we will continue to sell our Norwegian brand Jensen to our UK customer base. I would like to express my gratitude to all employees and management in Huntingdon who have fought a courageous battle to safeguard the future of the UK business. We wish management and staff well under new ownership and we are pleased to have found a good home for the business.”
Andy Murdoch, MD of Steinhoff UK Manufacturing Ltd, adds: "We feel privileged to be part of the future for these iconic bed brands, that between them and the Relyon business have the potential product offering that meets the spectrum of choice across all retail formats.
"Manufacturing will continue at all the current locations where plans are under way for substantial growth and investment over the coming years. We are very excited to be able to take these prestigious brands forward and look to receiving support from our customers and suppliers during the initial transitional period.
"We have a significant amount of work to do over the coming months and years within a challenging competitive environment – however, with a portfolio of bed brands such as this, managed in order to exceed customer expectations, we feel confident that we have a great future ahead of us playing a leading role within the UK bedding industry."