Airsprung Group buys manufacturer out of liquidation

Friday, 19th July 2013

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Swanglen Furniture Ltd entered liquidation after being hit by the collapse of bed retailer Dreams earlier this year and its business and assets has now been bought by the Trowbridge-headquartered company.

Swanglan was based on the St Vincent’s Trading Estate and sold beds, chairs, storage units, footstools and headboards to major retailers or bed manufacturers. It had ceased trading with all 28 employees made redundant.

It was formed in 1985 but had been trading for about 35 years as it launched via the acquisition of the business and assets of a predecessor company. The company had a peak turnover of almost £4m and was manufacturing 1,500 headboards a day.

The business will now be known as Swanglan Furnishings.

Liquidator Tim Ball of Mazars said the administration of Dreams resulted in a significant bad debt for the company and the loss of a major part of its annual sales.

“A sale of the business and assets was completed on Friday (12 July 2013),” he said. “Airsprung Group is a major bed manufacturer. Swanglen Furniture’s main product was head boards for beds. Hence it is a good fit.

“This should mean that a large number of the jobs will be saved when the business restarts in its former premises.”

Airsprung Group chief executive Tony Lisanti added: “Swanglen are a well known manufacturer and will complement the other activities of the Airsprung Group.

“I can confirm that the purchase will secure the employment of a significant number of the employees of the original business. It will continue to operate from its Bristol base and will supply its products to a very wide range of major UK retailers.”

Airsprung Group’s brands include Airsprung Beds, Gainsborough, Hush and Hush-a-Bye Beds. It also specialises in upholstered furniture under the Cavendish Upholstery and Collins & Haynes names. It produces more than 600,000 beds and mattresses a year.

 

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