Online mattress retailer Eve Sleep forced to bring in administration after unsuccessful sales deal. Here’s what happened

Eve Sleep, the online mattress retailer, was forced to bring in administration after a distressing decision to call off the potential sale of their business. It would be difficult for them to survive as an independent company in the current market situation, they said.

Cheryl Calverley, the CEO, said their company had a tough time keeping their business alive, but just the scale of Eve Sleep wasn’t sufficient to face the economic fiasco that has taken over the past six months. Since June, the company saw a general downtrend in the sale of their home furnishing. The cost-of-living increase has restricted consumers to making essential purchases only. So, they were obligated to conduct a strategic review to investigate the financing options of their drowning business.

The takeover code permitted the company to examine all possible corporate transactions, including selling parts or the entire company or a possible equity fundraiser, and also focused on other strategic options. Therefore, they had to conduct the strategic review with the support of a formal sale process.




Eve added that they received several suggestive offers. Still, following further discourse and facilitating due diligence, they have not been successful in discussions for the sale of the company, an equity option, or any other similar fundraising solution.

The company also said that the board sadly concluded that it is required to take the necessary action to preserve company value for its creditors. To take care of the administration process, it has appointed Kroll Advisory. They finally added that it would be difficult for them to survive as an independent company in the current market situation.

FAQs

Q. When was the company Eve Sleep founded?
A. Eve Sleep was founded as an online mattress company in 2015.

Q. What products does Eve Sleep sell?
A. Eve Sleep is engaged in designing, branding, marketing, and selling mattresses and other sleep products.