On Friday evening, the owner of Beds.co.uk and furniture retailer Cox & Cox acquired one of the UK’s popular bathroom sellers, Victoria Plum.
The brand was put up for sale in 2019 by the investment firm Endless.
More than 300 employees of Victoria Plum would be transferred to the new owner as a pre-pack administration deal has been implemented, as per city sources.
The combined pressure of inflation in global freight costs and mounting consumer spending has badly affected profitability and cash flows in recent months, as per those who were close to the business.
Insiders claim that AHK Designs, whose affiliate Giomani Designs controls several other e-commerce merchants, acquired several million pounds for it.
The transaction and pre-pack were handled by the accounting company EY.
To support the company during the auction process, Endless took the initiative to inject £3 million of working capital.
The US-based private equity firm TPG sold the company to the Leeds-based investor for £200 million after taking a sizable loss on the deal.
Sources could not reach AHK or Endless for a comment.
- Published By Team Timeswire