Advisory firm Quantuma says it has completed the sale of online retailer, Sleep Design Ltd (TA Crazy Price Beds) to portfolio businesses of Baaj Capital LLP, after the former entered administration on 22nd November.
The transaction was led by Carl Jackson, chief executive, and Richard Easterby, director at Quantuma.
With a strategy of buying beds and mattresses directly from manufacturers to reduce the normal costs passed on to customers, Sleep Design was founded in 2008 and was bought by its existing shareholders in 2014. The company, which imports beds from China, operates from one site in Cannock and employs 22 people.
The company reported a turnover of £8m in 2021 but, due to various global factors, including the pandemic, the rising costs of shipping and materials, and the weakening pound against the dollar, the retailer was unable to sustain trading.
The sale of the business will see its sites continue to operate, and all jobs secured.
Richard Easterby says: “Ongoing global factors and economic uncertainty are continuing to provide challenging trading conditions. We were delighted to assist in the rescue of Sleep Design, and preserve value for creditors.”