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| Dreams beds stores and jobs saved by Sun Capital | Dreams beds stores and jobs saved by Sun Capital |
| (35 minutes later) | |
| The majority of Dreams beds stores have been bought by Sun Capital, saving 1,600 jobs a day after the company went into administration. | The majority of Dreams beds stores have been bought by Sun Capital, saving 1,600 jobs a day after the company went into administration. |
| The investment company has bought 171 of the company's outlets, leaving 95 still at risk. | The investment company has bought 171 of the company's outlets, leaving 95 still at risk. |
| These stores, which employ 400 staff, will continue to trade while a buyer is sought for them. | These stores, which employ 400 staff, will continue to trade while a buyer is sought for them. |
| Sun Capital is also buying Dreams' head office in High Wycombe, Buckinghamshire, and two UK factories. | Sun Capital is also buying Dreams' head office in High Wycombe, Buckinghamshire, and two UK factories. |
| The new owner will honour customer orders where deposits have been made, as well as warranties. | |
| Home furnishing companies are joining High Street retailers in administration as consumers increasingly struggle with stagnant wages and rising prices. | Home furnishing companies are joining High Street retailers in administration as consumers increasingly struggle with stagnant wages and rising prices. |
| This week, Axminster Carpets went into administration. | This week, Axminster Carpets went into administration. |
| Other high-profile consumer businesses that have hit trouble include electrical retailers Comet, photography chain Jessops, and the entertainment outlets HMV and Blockbuster. | |
| 'Depressed' environment | |
| Alan Hudson, from Dreams' administrators Ernst and Young, said: "High Street retailers have faced unprecedented conditions over recent years and the market for higher value discretionary purchases has been particularly tough. | Alan Hudson, from Dreams' administrators Ernst and Young, said: "High Street retailers have faced unprecedented conditions over recent years and the market for higher value discretionary purchases has been particularly tough. |
| "Dreams is a well-known market leader, but in common with many others has suffered as a result of this depressed retail environment, a rapid expansion of its store portfolio and onerous lease liabilities." | "Dreams is a well-known market leader, but in common with many others has suffered as a result of this depressed retail environment, a rapid expansion of its store portfolio and onerous lease liabilities." |
| He added that sales and profit margins had both been depressed. | He added that sales and profit margins had both been depressed. |
| The business was founded in 1986 by Mike Clare, who sold the business to a private equity investment firm in 2008 for £200m. | |
| It has two factories, one in Oldbury in the West Midlands and the other in Warrington, Cheshire. | |
| Sun Capital Partners, which was founded in 1995 and is based in the US, has investments in more than 315 companies around the world. |