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KPMG has secured the future of online furniture retailer Swoon by selling it out of administration in a pre-pack deal.
The struggling retailer was sold to Swoon Editions Ltd, a company that is majority owned and managed by the co-founders of Swoon.
KPMG members Will Wright and Steve Absolom were appointed as joint administrators of Sourceable Limited last week.
Following their appointment, they agreed to sell the business and assets to Swoon Editions Ltd., securing 21 employee positions in the company.
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.”
Swoon Editions said that it intends to complete all outstanding customer orders.
