Eve Sleep calls in administrators after sale talks fail
Eve Sleep is to appoint administrators after failing to find a buyer for its struggling business.
The company entered a formal sales process in June as part of a review of its strategic and financing options, and last month said it would need further funding after sales fell by 18%.
The company has been hit by a downturn in its market during the cost-of-living crisis as customer shun big ticket items.
In statement today, Eve Sleep said discussions regarding a sale of the company, or an equity fundraising transaction, have been unsuccessful.
As a result, it will be appointing Matthew Ingram and James Saunders of Kroll Advisory as joint administrators.
Cheryl Calverley, chief executive of Eve Sleep, said: “It is heart breaking to have to acknowledge that the best way to preserve value for creditors, those partners and suppliers that have helped us on this journey, is to now terminate the formal sale process and appoint administrators.
“Having seen the year start so brightly, with the efforts of the team over the past three years in rebuilding Eve into a business fit for profitable growth coming to fruition, the frustration at the unprecedented downturn in the market over February and March was felt all the more keenly.
“Despite monumental efforts to restructure the business and reshape the cost base, the scale of Eve was simply insufficient to withstand the economic tsunami that has gathered momentum over the past six months and allow it to continue as an independent business.”
