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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.

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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-

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