Business advisory firm Quantuma has completed the sale of online retailer, Sleep Design Ltd, trading as Crazy Price Beds to portfolio businesses of Baaj Capital LLP after it entered into administration on 22 November.
The transaction was led by Carl Jackson, chief executive, and Richard Easterby, director at Quantuma.
With a business strategy of buying beds and mattresses directly from manufacturers and thus reducing the normal costs passed onto customers, Sleep Design was founded in 2008 and was bought by its existing shareholders in 2014. The company, which imports its beds from China, operates from one site in Cannock and employs 22 people.
The company reported a turnover of £8m in 2021 but, due to global factors, including the pandemic, the rising costs of shipping and materials, and the weakening pound against the dollar, the retailer was unable to sustain trading.
The sale of the business will see the business’ sites 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 delighted to assist in the rescue of Sleep Design, and preserve value for creditors.”
