Dreams over for chief executive Nick Worthington in wake of bed retailer buyout

 

The Dreams chief executive Nick Worthington is set to leave the UK's biggest bed retailer three months after it was acquired by a private-equity firm.

Sun European bought the troubled retailer out of administration in March in a £35 million deal. It is working with executive search company Redgrave Partners to find a replacement.

Worthington joined Dreams in 1997, and became chief executive in 2008. 

Dreams founder Mike Clare sold the chain to another private-equity firm, Exponent, for £222m in early 2008 but the downturn in the housing market and an over-ambitious store expansion saw it fall on hard times.

Dreams confirmed Worthington was leaving.  He will remain with the business as long as required to ensure a smooth transition.

Worthington said: "It has been a truly exciting journey over the past 16 years. I believe I am leaving a business that is in great financial shape, and the time is now right to move on to something new.”

Sun European declined to comment, while Redgrave did not return calls.

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