// Eve Sleep has drafted in administrators after talks to find a buyer were unsuccessful
// Administrators at Kroll Advisory have been appointed, with the company’s AIM shares suspended from Monday morning
Eve Sleep has been forced to call in administrators after abandoning its bid to find a buyer.
Chief executive at the mattress retailer Cheryl Calverley said Eve had “moved heaven and earth to seek a way forward” as an independent or acquired company but “ultimately prevailing market conditions just do not support that”.
The business said that amid the cost-of-living crisis, shoppers had shunned big-ticket items and homeware goods.
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The retailer has drafted in Matthew Ingram and James Saunders of Kroll Advisory as joint administrators, with the company’s AIM shares suspended.
The business warned it was not expected that the appointment would give “any return to the shareholders”.
“Despite monumental efforts to restructure the business and reshape the cost base, the scale of Eve was simply insufficient to withstand the economic tsunami that has gathered momentum over the past six months, and allow it to continue as an independent business,” said Calverley.
UK revenues plunged 18% compared to the previous year in what its boss called “truly unprecedentedly appalling market conditions” last month.
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