Victoria Plum sold in pre-pack administration deal to owner of Beds.co.uk
The owner of Beds.co.uk and furniture seller Cox & Cox has reportedly snapped up Victoria Plum, one of the UKs biggest online bathroom retailers.
AHK Designs acquired the bathroom retailer late on Friday afternoon, after it had been put up for sale by Endless, the company which has owned the business since 2019.
The deal was completed through a pre-pack administration which was handled by ‘Big Four’ accountancy firm EY.
“The joint administrators completed a sale of the business and certain assets of the company to AHK Designs LTD,” a statement from EY said.
City sources told Sky News that the business had been struggling financially due to a slowdown in consumer spending and rising freight costs.
AHK Designs, whose affiliate, Giomani Designs Limited owns a number of e-commerce stores, is said to have paid several million pounds for Victoria Plum.
All of Victoria Plum’s 300 staff will transfer over to the company as part of the sale.
It’s the latest online furniture retailer to change hands in recent months.
Last winter, Next snapped up the brand, domain names and intellectual property of Made.com for £3.4m in a pre-pack administration after it was plunged into administration.
City PM has contacted Endless for comment.