West Yorkshire retail group Flair Furniture has repossessed the assets of its Dorchester e-commerce business, which collapsed after facing post-pandemic trading difficulties.
Heckmondwijk-based Flair Furniture (owner of Bed Kingdom) has acquired more than £800,000 worth of shares and intellectual property from Cuckooland. Cuckooland, which specializes in children's room furniture, home decor, cabinetry and outdoor furniture, has seen its sales double during the coronavirus pandemic.
However, after the lockdown ended, Cuckooland faced challenges including reduced demand, cyber incidents and a glitch in its content management system that affected its website. The company posted losses of more than £690,000 in the 2022/23 financial year and is being placed into liquidation under the supervision of restructuring firm Resolve Advisory, with creditors owed around £1.75m. The bankruptcy also wiped out the interests of previous shareholders.
Ashley Hainsworth, founder and director of Flair Furniture and Bed Kingdom, said: This is a great opportunity for us to expand our business by working with new and existing suppliers.
“We have a strong digital presence in children's beds through one of our largest brands, Bed Kingdom, so acquiring the Cuckooland website and assets made sense. We are excited to be in a position to grow and expand this great brand.”
Bed Kingdom was founded in 2011 and specializes in children's beds as part of our wide range of bedroom furniture. The online retailer's founder started selling mattresses online with just a £400 investment while studying at the University of Huddersfield and now employs 28 people. The company has achieved average annual sales growth of 76.06% over the past three years and was included in the Sunday Times Top 100 list last year.
The e-commerce group last year opened a new 70,000 square foot facility that will serve as the brand's inventory and distribution site.
