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Steinhoff Sells Bensons For Beds & Harveys Parent Company

Bensons for Beds Comfort Station.jpg

Steinhoff, the parent company of Blue Group, which owns Bensons for Beds and Harveys, has sold the business to Alteri Investors.

Terms of the deal were not revealed.

Earlier this year, the South African retail giant was 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.

Blue Group also owns manufacturing companies Relyon, Steinhoff UK Beds and Formation Furniture. 

Pepco, the parent company of Poundland, is unaffected by the deal.

Steinhoff chief executive Louis du Preez said: “The sale of Blue Group is the latest in a series of planned divestments by Steinhoff as we continue with our announced strategy of simplifying the group’s portfolio and deleveraging our balance sheet,” 

Alteri chief executive Gavin George said: “This is exactly the type of investment opportunity our second fund was launched to find – trusted retail brands with strong management and the potential for profitable growth,” 

“We are confident that our operational capabilities, alongside the injection of fresh capital, can help to build a market-leading, vertically integrated business with a strong omnichannel presence.”

Blue Group chief executive Mark Jackson said: “We are delighted to be teaming up with Alteri.

“Throughout the sale process, they have demonstrated an in-depth understanding of our business and their expertise, not least in digital, will help turbo-charge our plans to drive the performance of the group.”

Source : Insight DIY Team

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15 November 2019

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