Furniture retail group acquires stock and IP of e-commerce firm
Tue, 23 Apr 2024 | BUSINESS SALE
Flair Furniture, a retail group based in West Yorkshire, has acquired the assets of e-commerce firm Cuckooland from liquidators. Flair Furniture has acquired stock and intellectual property valued at more than £800,000 from the company.
Cuckooland, which was based in Dorchester, specialised in children’s bedroom furniture, cabinets, upholstery and outdoor furniture. The company saw its sales double during the COVID-19 pandemic, but subsequently faced numerous issues.
After lockdown, the firm experienced a drop in demand, as well as a cyber incident and a glitch with its content management system which affected its website. In the 2022-23 financial year, it reported losses of more than £690,000.
The company was subsequently placed into liquidation, with restructuring firm ReSolve Advisory appointed to oversee the process. At the time, the company owed creditors approximately £1.75 million.
The firm’s stock and IP has now been acquired by Flair Furniture, owner of e-commerce children’s bed specialist Bed Kingdom, which was founded in 2011. Flair Furniture has seen significant growth in recent years and last year opened a new 70,000 sq ft facility which serves as a stock and distribution hub for its brands.
Commenting on the acquisition of Cuckooland’s assets, Ashley Hainsworth, founder and director of Flair Furniture and Bed Kingdom, said: “We’ve had a promising few years in terms of business growth, and this asset acquisition paves the way for us to expand laterally. It’s a great opportunity for us to branch out and work alongside new and existing suppliers.”
“We already have a strong digital presence for children’s beds through one of our biggest brands, Bed Kingdom, so acquiring Cuckooland’s website and assets made sense. We’re pleased to be in a position to nurture and expand this exceptional brand.”
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