KPMG secures pre-pack rescue for Swoon
18 Dec 2019
KPMG has secured the future of online furniture designer and retailer Swoon after the failed business was sold out of administration in a pre-pack deal which will save all jobs at the company
18 Dec 2019
Will Wright and Steve Absolom, partners with KPMG, were appointed joint administrators of Sourceable Ltd in mid December.
Immediately following their appointment, the joint administrators completed an agreement to sell the business and assets to Swoon Editions Ltd, which is majority owned and managed by the founders of Swoon. The transaction will see all 21 employees transferring.
Swoon Editions intends to complete all outstanding customer orders.
Nick Holloway, director at KPMG who led the sale, said: ‘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 shut-down.
‘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.’