Birmingham restructuring MD to be appointed as eve Sleep administrator

Kroll’s Birmingham-based restructuring MD Matt Ingram will be formally appointed as joint administrator of eve Sleep later today after the mattress retailer failed to find a buyer or funder to agree a rescue deal.

The “consumer sleep wellness brand” is known for its offer of a one-year trial with free collection and full refund.

It has now shut down its website ahead of the appointment of Ingram and his Kroll colleague Jimmy Saunders.

Eve Sleep had been reviewing its options since June and although it received “a number of indicative offers”, it was unable to agree a deal to either sell the company or raise funds.

It said it is “not expected” that there will be any return to shareholders of eve. Its share price had fallen 83% in the last year and the company’s market value had fallen to £1.4m.

Cheryl Calverley, chief executive of eve Sleep, said: “It is heartbreaking 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.

“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.”