Dreams seeks buyer or fundraiser to sleep easy
The main lender to Dreams, the embattled bed retailer, has sounded out potential investors over a fundraising or a buyer for the business.
Royal Bank of Scotland has contacted companies, such as private equity firms, over recent weeks to gauge their interest in the market leader Dreams, which has 270 stores.
Its founder Mike Clare sold Dreams to the private equity firm Exponent in 2008 in a deal worth more than £200m. But it has struggled as consumers cut back on big-ticket items.
But Exponent is also considering putting more capital into the business, which has debts of £32m. This would, in part, give the retailer more space on its banking covenants, as well as to invest further in the business.
Dreams's pre-tax profits fell by more than three-quarters to £4.4m for the year to 24 December 2010 on a turnover of £256.1m.
- 1 Mario Balotelli: Staff at arson-hit Manchester Dogs' Home convinced Liverpool striker is behind five-figure donation
- 2 There is literally not a single woman in this iPhone 6 queue
- 3 Scottish independence: Tory revolt against 'devo max' grows as Rail Minister Claire Perry joins
- 4 Hitler’s former food taster reveals the horrors of the Wolf’s Lair
- 5 Scottish independence referendum: JK Rowling, Russell Brand, Nigel Farage and more react to the 'No' vote
Scottish independence referendum: Frankie Boyle reacts to nation's 'No' vote - 'To be fair, I've always hated Scotland'
Scottish independence referendum results: David Cameron pledges plans for 'English votes for English laws' by January
Scottish independence live: Scotland gives a clear 'No' in historic referendum - as it happened
Scottish referendum results: David Cameron set to unveil major devolution of powers to England
Hitler’s former food taster reveals the horrors of the Wolf’s Lair
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
Scottish independence referendum: A nation divided against itself
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Scottish independence: The Queen breaks silence on referendum debate – as think tank warns of £14bn black hole if Scotland votes Yes
Archbishop of Canterbury admits doubts about existence of God
iJobs Money & Business
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...