The majority of bedroom furniture retailer Feather & Black has been sold to Hilding Anders International (HA Group), a leading bedding and mattress company operating throughout Europe, Russia and Asia, securing 104 UK jobs, joint administrator Duff & Phelps has announced.
Under the terms of the sale Hilding Anders has acquired 17 of the retailer's 20 stores, saving 104 of the 123 employees across the business. Three stores – and five concessions within Multiyork stores – will be closed. The Feather & Black brand will continue to have a presence on the UK high street.
Feather & Black was founded in 2005 - although the business traces its history to 1994 -and has 25 retail stores nationwide, including concessions within Multiyork Furniture, with a head office and warehouse in Chichester.
Although HA Group is a products-based company with a comprehensive portfolio, where necessary it also has retail activities to support the growth of its portfolio. It boasts 26 brands, together with a private label offering, and is focused on 21 core markets, with sales in over 60 countries.
HA Group currently has 25 production facilities in 19 countries, and over 9000 employees producing a full range of bedding products. In Russia and China, the group has some 1160 directly-operated and franchised branded retail stores.
Allan Graham, joint administrator, Duff & Phelps, says: “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.
“The majority of the stores have been sold to one of the best-known brands in the bedroom furniture sector securing the future for Feather & Black and a large number of its valued employees. This is a tremendous result for the business.”
A legal team at Eversheds Sutherland, led by restructuring partner Mark Wood, acted for Duff & Phelps on the transaction.
Pepyn Dinandt, chairman and group CEO, comments: “I am very excited by this opportunity to re-enter the UK market with Feather & Black. Feather & Black has a strong market position, excellent customer loyalty and a deep heritage within the UK market. We will build on Feather & Black’s solid platform and grow the business across both stores and ecommerce. We will continue with Feather & Black’s current customer and product positioning whilst also looking at further ways to improve our productivity and profitability.”
Joanne Bennett, group CFO, comments: “As a UK national, I have been aware of what the Feather & Black brand stands for, the quality of its products and a regular visitor to my local Feather & Black store for many years. I am also very excited by this opportunity to work with the team to build on the brand strength and grow the business together.”