After being placed into administration last month, supply business Serene Beds and Furniture Ltd, based in West Bromwich, has been acquired by external parties.
Serene, which faced various challenges over the past three years, including rising costs and increased expenses, stated that the news of its administration may have come as a surprise to its customers, and that it apologises for any inconvenience or disruption it caused – but adds that Serene will now continue to trade from its current site and retain the management team and all of its staff.
"The acquisition has been made possible by the administrators and external parties, and it secures the future of the company, allowing Serene to continue serving its valued customers," states the business.
Tasleem Tasab (pictured), MD of Serene Sleep Group Ltd, expressed the company's appreciation for the "overwhelming support and comfort received from its agents and customers during this difficult time": "The company is committed to providing its customers with the best possible service and products, and looks forward to continuing to do so in the future," he continues. "Serene Beds and Furniture Ltd is a well-known name in the furniture industry, providing a wide range of quality products to its customers. The company has been in business for many years, and the acquisition ensures that it will continue to thrive in the years to come."
Sales director Nadirah Habib adds: "I have been overwhelmed with calls from customers who are very glad that we are continuing, as they love the product and the service. I have personally been very touched with the support of our customers."
The sale of the company was handled by Leonard Curtis, and the pre-pack administration sale was negotiated by Conrad Beighton and David Griffiths on 31st March.
The former clarifies that the 35 employees will remain in place, adding: "The company - which supplies home furnishings and logistics across the UK, Central Europe and the Far East - had struggled with cash flow problems and long-term debts incurred during the Covid-19 pandemic, producing lower profit margins than originally forecast.
"Leonard Curtis stepped in to conduct a restructuring exercise via a pre-pack administration to save the core business and jobs, conducting a discreet AMA process to advertise the opportunity without damaging any key assets of the business.
"The process was accelerated due to external pressure from creditors and lack of short-term cash to continue trading.
"The sale of Serene Beds and Furniture was predominantly funded by its secured creditor via an invoice finance facility."
Administrator Conrad Beighton adds: “This case brought about a number of challenges and issues throughout, but our approach to managing all stakeholder interests as best as possible was key. This was to ensure a pre-pack administration sale could be completed, as this represented the best outcome for the company’s creditors as a whole. The funder provided financial support during the process to ensure the business could continue trading. This was essential as a sale could not have been achieved without it.”
The business can be reached at [email protected].
