Luxury furniture and homewares brand Olivia’s has completed a deal to buy Houseology, which went into administration in January.
Olivia’s is part of The Moot Group, one of the UK’s fastest-growing premium homewares retailers. The online business acquired all IP and assets, including Houseology’s suppliers and stock, for an undisclosed amount. Olivia’s will continue to run Houseology as a standalone brand under The Moot Group umbrella, integrating Houseology's customers and suppliers with its current offering. The sale has the full support of the outgoing executive team.
While Olivia’s is not taking on any of the brands’ historical liabilities, it says it will help any Houseology customers that have been affected by the recent news and will try to work with historical creditors.
Houseology had raised over £6m in investment since it started in 2010 by Kate Mooney, as well as being backed by industry heavyweights including Sir Terry Leahy, Bill Dobbie and Bill Currie. However, the brand went into decline – which the new owner attributes to "poor marketing decisions and returns, along with a dysfunctional logistics process. Once generating annual revenues around £10m, The Houseology Group had slowly declined over the last 12 months, resulting in poor Q4 sales in 2019, forcing the board to file for administration".
The Moot Group is led by Nick Moutter, a tech entrepreneur whose background in performance marketing and technology has enabled the group to evolve through automation and simplification since 2018. It now boasts enviable customer acquisition capabilities, and a damage and return rate of less than 1%. Following the acquisition, The Moot Group says it is on target to deliver £20m in revenue this year.
Nick Moutter founder of Olivia’s, says: “When I first started Olivia’s, Houseology was one of the brands we aspired to be as big as some day. Being able to help save it from collapse after just two years of trading is a great feeling, and a direct result of the expertise and innovation in marketing and technology that we have at The Moot Group.
“I’m excited to expand The Moot Group’s current luxury home offering and breathe new life into a brand that has served so many loyal customers over the last 10 years. We’re working hard to ensure a smooth transition for Houseology customers and suppliers, and deliver our mission of being the place online to get fashion for your home.”
