Administrators appointed to Swoon

Administrators appointed to Swoon

The future of Swoon, the online furniture designer and retailer, has been secured after the business was sold out of administration to Swoon Editions Ltd, which is majority owned and managed by the founders of Swoon.

1000

Also on home.kpmg

The future of Swoon, the online furniture designer and retailer, has been secured after the business was sold out of administration to Swoon Editions Ltd, which is majority owned and managed by the founders of Swoon.

As part of the sales process, Will Wright and Steve Absolom of KPMG LLP were appointed joint administrators of Sourceable Limited on 10 December 2019.

Immediately following their appointment, the joint administrators completed an agreement to sell the business and assets to Swoon Editions Ltd. 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, commented:

“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.”

-ENDS-

For media enquiries only, please contact:

Katy Broomhead, Senior PR Manager
Tel: 0161 246 4623 / 07824 537963
Email: katy.broomhead@kpmg.co.uk

Follow us on twitter: @kpmguk
KPMG Press Office: +44 (0)207 694 877

About KPMG in the UK

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 16,300 partners and staff. The UK firm recorded a revenue of £2.338 billion in the year ended 30 September 2018. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 154 countries and has 200,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

© 2021 KPMG LLP a UK limited liability partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

For more detail about the structure of the KPMG global organisation please visit https://home.kpmg/governance.

Connect with us

 

Want to do business with KPMG?

 

loading image Request for proposal

Save, Curate and Share

Save what resonates, curate a library of information, and share content with your network of contacts.

Sign up today