// Olivia’s completes a deal to buy Houseology, which went into administration last month
// The online furniture retailer acquired all IP and assets, including Houseology’s suppliers and stock, for an undisclosed amount
// Olivia’s will continue to run Houseology as a standalone brand under The Moot Group umbrella
Online furniture retailer Houseology has been rescued from administration after Olivia’s, another furniture ecommerce business, acquired it for an undisclosed sum.
Olivia’s, part of The Moot Group, took over Houseology – which went into administration last month – after a blind auction process.
The Moot Group said the acquisition offers Olivia’s the opportunity to expand in the UK’s ecommerce market and take advantage of growth opportunities.
Olivia’s said it would integrate all Houseology customers and suppliers with its current offering, while continuing to run Houseology as a standalone brand under The Moot Group umbrella.
While Olivia’s is not taking on any of the brands’ historical liabilities, it said it was happy to help Houseology customers affected by administration and will try to work with historical creditors.
Houseology had raised over £6 million in investment since it started in 2010 by Kate Mooney, along with being backed by industry leaders like Sir Terry Leahy, Bill Dobbie and Bill Currie.
However, poor marketing decisions and returns along with a dysfunctional logistics process caused Houseology to fall into decline.
Once generating annual revenues of around £10 million, Houseology slowly declined over the last 12 months, resulting in poor fourth quarter sales in 2019 and forcing the board to file for administration.
The Moot Group is led and founded by Nick Moutter, who has grown the company sigificantly since its inception in 2018.
Following the acquisition of Houseology, The Moot Group is on target to deliver £20 million in revenue for 2020 and is growing fast.
“When I first started Olivia’s, Houseology was one of the brands we aspired to be as big as some day,” Moutter said.
“Being able to help save it from collapse after just two years of trading is a great feeling, and a direct result of the expertise and innovation in marketing and technology that we have at The Moot Group.
“I’m excited to expand The Moot Group’s current luxury home offering and breathe new life into a brand that has served so many loyal customers over the last 10 years.
“We’re working hard to ensure a smooth transition for Houseology customers and suppliers, and deliver our mission of being the place online to get fashion for your home.”