Design and interiors business rescued in pre-pack deal
Sat, 22 Jun 2024 | BUSINESS SALE
A Leeds-based design and interiors business has been acquired in a pre-pack deal. Dowsing & Reynolds recently restructured and filed a notice of intention (NOI) to appoint administrators.
Dowsing & Reynolds was launched in 2013 and produces design-led fixtures and fittings, including lighting and sockets and switches. However, the firm was said to have faced “unprecedented” challenges as a result of COVID-19, with subsequent economic instability having a detrimental effect on consumer confidence.
The company said that it had suffered as a result of a significant market downturn following the COVID-19 pandemic, as well as the difficult wider economic environment facing UK businesses. These issues were reported to have been compounded by the UK’s ongoing cost of living crisis and the country’s dampened housing market.
The company has now been acquired by existing owners and co-founders Ally and James Dowsing-Reynolds in a pre-pack deal that they say will help the business to deliver future growth.
James Dowsing-Reynolds said that the restructuring would enable the business “to become more streamlined” and that the pre-pack acquisition had secured the future of the brand, as well as all jobs.
He continued: “Our primary focus has been, and will always be, the welfare and security of our dedicated staff, whose hard work and loyalty have been fundamental to our operations.”
“We are committed to maintaining continuity and are grateful for the unwavering support and loyalty from our employees, customers, and suppliers during these times.”
Dowsing-Reynolds added that the company was “implementing robust strategies to enhance our operational efficiencies and product offerings, ensuring that Dowsing & Reynolds continues to meet the needs of our customers with high-quality products”.
Read about how regulations introduced in 2021 have impacted pre-pack sales to connected parties
Find out how financial distress in the UK retail sector is helping to drive strategic M&A
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