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Steinhoff Seeks Buyers for Bensons For Beds and Harveys

Bensons for Beds Comfort Station.jpg

South African retail giant Steinhoff is understood to have appointed PWC to sell two of its furniture chains to raise money for its creditors, following a 2017 accounting scandal which saw the business overstate profits and assets by nearly $12 billion.

The Times reported that first-round bids are being sought for Harveys and Bensons for Beds, with a sale expected by the end of October.

Bensons for Beds and Harveys were acquired by Steinhoff in 2005 and operate over 270 and 250 stores, respectively.  

UK bed retailer Dreams - owned by private equity firm Sun Capital Partners - is expected to have an interest in the business, but turnaround firms including Alteri and Hilco, which bought Homebase out of administration in May 2018, are also thought to be considering the opportunity.

In July, Steinhoff reported that it had reduced its year-on-year losses, in its most recent full-year accounts.  

Source : Insight DIY Team

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02 September 2019

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