Swoon rescued by founders in pre-pack deal
Online furniture brand Swoon, which was placed into administration earlier this month, has been sold to Swoon Editions Ltd, which is majority owned and managed by Swoon’s founders.
Will Wright and Steve Absolom of KPMG LLP were appointed joint administrators of Sourceable Ltd on 10th December. Immediately following their appointment, they completed an agreement to sell the business and assets to Swoon Editions, in a transaction which will see all 21 employees transferring. Swoon Editions states that it intends to complete all outstanding customer orders.
Nick Holloway, a director at KPMG, comments: “We are pleased to have been able to execute a deal that preserves the business and employees, especially in the context of the current UK retail climate, when the only alternative would have been a shutdown. The sale will ensure continuity of the Swoon brand, including their in-house design team, as well as ensuring the fulfilment of outstanding customer orders.”