Update: Jobs saved in Exeter as 171 Dreams stores sold in pre-pack administration
Update: The administrators have confirmed to the Echo that the Exeter store at Rydon Lane Retail Park is among those sold as part of the deal.
The majority of bed retailer Dreams’ stores have been saved in a pre-pack administration.
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The company has 266 stores across the UK, employing around 2,000 employees.
Alan Hudson, Craig Lewis and Joe O’Connor, of Ernst & Young, were yesterday appointed joint administrators of Dreams Plc and have today announced the sale of 171 stores to a new company controlled by a private equity firm.
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Mr Hudson said: “High street retailers have faced unprecedented conditions over recent years, and the market for higher value discretionary purchases has been particularly tough.
“Dreams is a well known market leader, but in common with many others has suffered as a result of this depressed retail environment, a rapid expansion of its store portfolio and onerous lease liabilities.
“Whilst recent performance has improved, it has seen a decline in like for like sales across its store portfolio as well as its operating margins being squeezed. This has resulted in the business being unable to continue to operate outside of administration.
“However, we are pleased to announce that a sale has been completed that sees the majority of the Dreams business, including 171 of its stores, its head office and its two UK manufacturing facilities, being sold to a new company controlled by Sun Capital Partners.
“The business will continue to trade without interruption, over 1,600 jobs have been transferred and the future of Dreams on the UK high street has been safeguarded.
“The remaining stores that are not included in the sale will remain open for business whilst the administrators seek to find buyers for these stores.”
The new owner has said it will honour customer orders where part payment deposits have been made for goods and customer warranties.
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