UK Restructuring

Duff & Phelps Completes Sale of Feather & Black From Administration

Duff & Phelps is pleased to announce that it has recently completed the sale of the majority of the business and assets of Feather & Black (the "Company") from Administration to Hilding Anders Holdings Limited (“HA Group”), a leading bedding and mattress company operating throughout Europe, Russia and Asia.

About the Company
Feather & Black is a well-established, premium bedroom furniture retailer in the UK. The brand was founded in 2005 - although the business traces its history to 1994 - and had 25 retail stores nationwide, including concessions within Multiyork Furniture, with a head office and warehouse in Chichester.

The Company suffered working capital difficulties due to foreign exchange rate movements affecting margin on imported products, and underperforming stores given the general retail environment.

Duff & Phelps' Role
Allan Graham and Matthew Ingram, managing directors at Duff & Phelps, were appointed Joint Administrators of the Company on November 27, 2017, and led the sale transaction and Administration process. Following their appointment, the Joint Administrators continued to trade the Company for three weeks while focusing on finding a buyer for the business as a going concern. Following a thorough sale process, the majority of the business and assets were successfully sold to HA Group. 

Pepyn Dinandt, Chairman and Group CEO of HA Group, commented: "I am very excited by this opportunity to re-enter the UK market with Feather & Black. They have a strong market position, excellent customer loyalty and a deep heritage within the UK market. We will build on Feather & Black's solid platform and grow the business across both stores and eCommerce. We will continue with their current customer and product positioning whilst also looking at further ways to improve our productivity and profitability."

Allan Graham, Joint Administrator and managing director at Duff & Phelps, stated: "We are delighted that we have been able to secure a future for the brand, the business and over 100 employees who work for the retailer. The majority of the stores have been sold to one of the best-known brands in the bedroom furniture sector, creating a positive outlook for Feather & Black's success as they reinvigorate the market. This is a tremendous result for the business."

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