Airsprung announces furniture acquisition
Despite what it called "the very difficult retail environment for beds and furniture" the Trowbridge, Wiltshire-based bed manufacturer Airsprung announced today (13 December) that it was diversifying into the wider furniture market with the acquisition of the upmarket manufacturer of upholstered furniture Collins and Hayes.
The 140 year-old AIM-listed Airsprung said it had agreed terms for the acquisition of St Leonards-on-sea, East Sussex-based Collins and Hayes which had distribution through many of the UK's premium department stores, and has a successful management team and committed workforce. The addition of Collins and Hayes to Airsprung's furniture interests was expected to bring significant benefits, it said.
Also reporting a £110,000 fall in half year operating profit to £421,000, Airsprung chairman Stuart Lyons said the outlook for existing businesses for the remainder of the year would depend on the retail environment over Christmas and the New Year and the impact of a higher rate of VAT.
