Tue, 12 Feb 2013 | BUSINESS SALE
Bed retailer Dreams could be bought back by its original owner Mike Clare, after it was put on the market in January.
Ernst and Young was drafted in to manage the sale process by Dreams’ private equity owners last month. It has come to light that Mr Clare has put in a bid for the company. Meanwhile, Steinhoff International, the owner of Harveys and Bensons for Beds, is thought to have told Ernst and Young that it is interested in any stores not purchased by Mr Clare.
Dreams holds a leading 23 per cent of the beds market and sells from its 270 stores across the UK. After being bought by current owners Exponent Private Equity in 2008 in a deal worth £220 million, Dreams underwent fast expansion, focusing on moving into empty units in retail parks. Mr Clare remained on the board post-sale.
The bed retailer is believed to have £40 million worth of debt. About £20 million is owed to a consortium of lenders headed up by Royal Bank of Scotland.
The decline in sales of big-ticket items during the economic downturn has been another blow to Dreams, whose rivals include the likes of Argos, Ikea and John Lewis.
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