Relyon, the long-established manufacturer of high quality beds, and cot mattresses has been acquired from the Administrators, PwC, by Michco 2001 Ltd, a new company set up by former Relyon Group Chief Executive, Ian Topping, and other private investors.
Michco 2001 Ltd has also acquired the freehold property in Wellington, Somerset from which Relyon operates as well as the intellectual property associated with the Relyon and Dunlopillo brand names. The deal saves the jobs of 280 Relyon employees.
Commenting on the acquisition, Ian Topping, Chairman of the new business, said: ‘ I am delighted to have been able to lead the acquisition of Relyon which is a great UK manufacturer with a 150 year history of making high quality beds in the West Country. Having formerly been Chief Executive of the Relyon Group from 1993-2010, I have real belief in the underlying strengths of Relyon and its people. As an independent business, I will be working closely with Alan Chapman, Managing Director, and his team as we focus on developing our excellent products and close customer relationships to grow the business significantly and with this create new jobs.’
Joint Administrator Yulia Marshall from PwC added: ‘We are very pleased to have secured the sale of Relyon as a going concern, preserving a large number of manufacturing jobs in the region and maximising returns for creditors. We wish the buyers well as they seek to reestablish the business as an independent company’.