Swyft agrees £10 million deal with Sleep Brands
The Swyft furniture brand has agreed a £10 million deal with Sleep Brands to fund its global expansion.
The investment will be used to launch Swyft into international markets, including Germany by the end of 2024 and at least two additional European territories in early 2025.
Sleep Brands is owned by Gian Fazio, who is mainly active in the furniture components market in the US and contract manufacturing in Europe, both in bedding and upholstery.
Swyft founder Keiran Hewkin will remain as chief executive following the investment.
Hewkin said: “This new partnership gives Swyft the ability to leverage a global network of suppliers and customers. With Gian’s experience supplying brands around the world and Swyft’s successful concept and industry-leading next day delivery we have a great base to build upon.”
Last year, Fazio acquired Dormeo UK which has headquarters in High Wycombe and was purchased as part of a distress sale.
Fazio added: “Keiran has built a brand which very successfully combines convenience with a modern, urban design. His background in upholstery and as an entrepreneur has allowed him to develop a team with a unique set of skills – unmatched, in my opinion, in this industry. The transaction was as much about the brand as the team.”
