Thu, 27 Feb 2020 | BUSINESS SALE
Houseology has been bought from administration by rival furniture ecommerce firm Olivia’s for an undisclosed sum.
Olivia’s, which is part of The Moot Group, purchased Houseology, which went into administration last month, following a blind auction process. Houseology’s administration was handled by Stuart Robb and Michelle Elliot of Leonard Curtis Recovery.
It has acquired all of Houseology’s IP and assets, including its suppliers and stock. While Olivia’s will not take on Houseology’s historic liabilities, it has said it will work with customers affected by the administration and try to work with historical creditors.
Olivia’s has also said it will integrate all of Houseology’s customers and suppliers into its current offering while continuing to run it as a standalone brand.
Houseology was founded by Kate Mooney in 2010 in Glasgow as Occa-Home, rebranding in 2015. Since then it had raised in excess of £6 million through investment rounds, being backed by figures including Sir Terry Leahy, Bill Dobbie and Jill Little.
However, poor returns and a dysfunctional logistics process lead to the business making losses. At its height, Houseology had delivered around £10 million in annual revenue, but a poor fourth quarter in 2019 saw the brand enter administration.
Discussing the acquisition, The Moot Group said it would give Olivia’s the opportunity to grow in the UK’s ecommerce market.
The Moot Group was founded in 2018 by Nick Moutter. Following the acquisition, the group is on target to deliver revenue of £20 million in 2020 and continue to grow.
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