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New York-based accountancy firm, Kroll Advisory, has been appointed as the administrator of Eve Sleep, a mattress company that operates on Made.com after its efforts to secure a buyer were unsuccessful.
It is reported that the retailer has drafted Matthew Ingram and James Saunders from Kroll Advisory as its joint administrators.
In addition, as of today the firm has reportedly suspended the retailer’s AIM shares, as Eve Sleep expected it wouldn’t give “any return to the shareholders” after Kroll’s appointment.
According to Eve Sleep, its revenues dropped by 18% compared to the previous year due to shoppers spending less on ‘big ticket’ items and homeware goods as the cost-of-living crisis continues.
Cheryl Calverley, chief executive of Eve Sleep, said: “It is heartbreaking to have to acknowledge that the best way to preserve value for creditors, those partners and suppliers that have helped us on this journey, is to now terminate the formal sale process and appoint administrators.
“The scale of Eve was simply insufficient to withstand the economic tsunami that has gathered momentum over the past six months. We have moved heaven and earth to seek a way forward as an independent or acquired business, but ultimately prevailing market conditions just do not support that.”
