Sun European in £35m Dreams rescue deal
The private equity firm Sun European is set to acquire Dreams, the UK's biggest bed retailer, in a deal worth £35m via a pre-packaged administration today.
Sun European, which owns the sofa chain SCS, has beaten off competition from Mike Clare, the 260-store bed chain's founder, to bag Dreams.
But its rescue deal is likely to see about a third of Dreams' worst-performing stores close, which will lead to hundreds of job losses.
The accountancy firm Ernst & Young, which has been running the sale of Dreams, is expected to be appointed as administrator today.
Mr Clare, who was previously the chief executive of Dreams, sold the bed retailer to the private-equity firm Exponent in a deal worth £222m in March 2008. Dreams then subsequently over expanded its store estate and became weighed down by its debts of £38m, while its trading was hit by the downturn in spending on big-ticket items during the credit crunch. All parties declined to comment.
Diving in at the deep end is no excuse for shirking the style stakes
- 2 PornHub begs users to stop uploading video clips of Brazil getting beaten 7-1
- 3 Why I'm on the brink of burning my Israeli passport
- 4 L'Oreal cuts ties with Belgium supporter Axelle Despiegelaere after hunting trip photographs
- 5 The true Gaza back-story that the Israelis aren’t telling this week
Game of Thrones author George RR Martin says 'f*** you' to fans who fear he will die before finishing Westeros saga
Supermoon 2014: When and why will the moon look bigger and brighter this summer?
Gaza-Israel conflict: The terrible price children are paying for Israel’s war with Hamas
Rotten-egg smell of farts could help battle heart disease and Alzheimer's
Online trolls target alleged rape victim Jada, by copying how she appeared in video of attack
Sustained immigration has not harmed Britons' employment, say government advisers
War is war: Why I stand with Israel
7/7 memorial defaced on anniversary of 2005 attacks with ‘Blair lied thousands died’ graffiti
Australia facing international condemnation after turning around Sri Lankans at sea
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
Socialist Worker called to apologise over ‘vile’ article saying Eton schoolboy Horatio Chapple's death is ‘reason to save the polar bears’
iJobs Money & Business
£75000 - £85000 per annum + ex bens: Deerfoot IT Resources Limited: Biztalk Te...
£60000 per annum: Harrington Starr: Trade Desk Specialist (FIX, Linux, Windows...
£35000 per annum: Harrington Starr: Service Desk Analyst (Windows, Active Dire...
£40000 per annum: Harrington Starr: Network Engineer (CCNA, CCNP, Linux, OSPF,...