Long-established bed manufacturer Relyon has been acquired from administrator PwC by Michco 2001 Ltd, a new company set up by former Relyon group chief executive, Ian Topping, and other private investors.
The future of the former Steinhoff-owned business was left uncertain after Bensons was sold to Alteri in a pre-pack deal last month, together with its manufacturing site in Huntingdon, Cambridgeshire.
Michco 2001 has also acquired the freehold property from which Relyon operates in Wellington, Somerset, as well as the intellectual property associated with the Relyon and Dunlopillo brands. The deal saves the jobs of 280 Relyon employees.
Ian comments: "I am delighted to have been able to lead the acquisition of Relyon which is a great UK manufacturer with a 150-year history of making high-quality beds in the West Country.
"Having formerly been chief executive of the Relyon Group from 1993-2010, I have real belief in the underlying strengths of Relyon and its people. As an independent business, I will be working closely with Alan Chapman, MD, and his team as we focus on developing our excellent products and close customer relationships to grow the business significantly and with this create new jobs."
Joint administrator Yulia Marshall of PwC adds: "We are very pleased to have secured the sale of Relyon as a going concern, preserving a large number of manufacturing jobs in the region and maximising returns for creditors. We wish the buyers well as they seek to re-establish the business as an independent company."