Jobs saved after online bed retailer is bought out of administration
Cannock-based bed importer Sleep Design has been rescued by investment from Castleford-based Baaj Capital.
Business advisory firm Quantuma completed the sale of online retailer, Sleep Design Ltd – trading as Crazy Price Beds – to portfolio businesses of Baaj Capital LLP after it fell into administration on 22 November.
The deal was led by Carl Jackson, chief executive, and Richard Easterby, director at Quantuma.
With a strategy of buying beds and mattresses directly from manufacturers and thus reducing the costs passed onto customers, Sleep Design was founded in 2008. It was bought by its existing shareholders in 2014.
The company, which imports its beds from China, operates from a single site in Cannock and employs 22 people.
Sleep Design reported a turnover of £8m in 2021 but, due to global factors including the pandemic, rising costs of shipping and materials, and the weakening pound against the dollar, was unable to sustain trading.
The sale of the business will see the firm continue to operate and secures all jobs.
Richard Easterby, director at Quantuma, said: “Ongoing global factors and economic uncertainty are continuing to provide challenging trading conditions. We were happy to assist in the rescue of Sleep Design, and preserve value for creditors.”
