Photo © Copyright Basher Eyre
Today, Hilding Anders, the Swedish bedding giant, came to the rescue of the stricken Feather & Black, a UK bedding and furniture retailer.
Hilding Anders acquired 17 of the 20 UK stores of Feather & Black from the administrators of the firm, saving 104 jobs across the country.
However, 19 jobs will go, with five concessions and three stores set to be closed.
Feather & Black (F&B), a high-end firm, collapsed into administration at the end of November, citing a big decline in consumer confidence. The failure of the company came days after Multiyork, its sister company, was also called in by administrators.
With Duff & Phelps, in charge of the two firms, having a hard time to look for a buyer for Multiyork, fears grew that Feather & Black may face similar problems.
Pepyn Dinandt, the chairman and group chief executive of Hilding Anders, stated: “I am very excited by this opportunity to re-enter the UK market with F&B.”
Hilding Anders is planning to maintain the F&B branding.
Allan Graham, the Duff & Phelps joint administrator, dubbed the sale as “a tremendous result for the business.”
Graham stated: “The joint administrators continued to trade Feather & Black in administration with a view to finding a purchaser for the business as a going concern, so we are delighted that we have been able to secure a future for the brand, the business and over 100 employees who work for the retailer.”