Eve Sleep has failed to find a buyer and will go into administration.
The mattress company put itself up for sale in June but has been unable to secure a deal.
Kroll will be appointed administrator, which is expected to happen today. Shareholders have been warned they will not receive any pay out.
‘It is heart breaking to have to acknowledge that the best way to preserve value for creditors, those partners and suppliers that have helped us on this journey, is to now terminate the formal sale process and appoint administrators. Having seen the year start so brightly, with the efforts of the team over the past three years in rebuilding eve into a business fit for profitable growth coming to fruition, the frustration at the unprecedented downturn in the market over February and March was felt all the more keenly,’ says Cheryl Calverley, Eve Sleep ceo.
‘Despite monumental efforts to restructure the business and reshape the cost base, the scale of Eve was simply insufficient to withstand the economic tsunami that has gathered momentum over the past six months, and allow it to continue as an independent business. Whilst it may be scant succor in the face of the current situation, we have moved heaven and earth to seek a way forward as an independent or acquired business, but ultimately prevailing market conditions just do not support that.’
