Bedroom furniture group’s owner plots £80m sale

Sharps, the bedroom furniture group which was the rump left from a 2011 administration that saw the collapse of Dolphin Bathrooms and Moben Kitchens, is on the verge of completing its turnaround after its owners put it up for sale for £80m.

Private equity firm Sun European Partners bought the company from administrators in a deal that saved just over half of the 1,150 workforce.

It has now appointed advisers Spayne Lindsay to work on the sale process, The Telegraph has reported.

Sharps, which has its head office and factory at Bilston in the West Midlands, had increased its workforce to more than 700, according to its latest accounts, for 2015.

The accounts also showed the group had made a pre-tax profit of £2.8m on sales of £75.6m in the 12 months to September 2015.

It is reported that its 2017 financial year could see sales exceed £100m.