Tuesday, February 19, 2019

Dreams CEO to exit


The CEO of struggling bed specialist retailer Dreams is to leave the business three months after it was acquired by private equity firm Sun European, it is understood.

Nick Worthington, who joined the retailer in 1997, has operated as CEO for the past five years and a search for his replacement is already underway, the Evening Standard reported.

In 2008, private equity firm Exponent acquired the chain for £222 million from Dreams Founder Mike Clare, though the retailer failed to prove profitable as the housing market hit trouble during the economic crisis.

Sun European acquired the retailer in March for an estimated £35 million, securing new investment while saving almost 2,000 jobs and keeping 171 of its stores operating.

Sun European is now working with Redgrave Partners, an executive search company, to find a replacement for Wothington.