The joint administrators of the homeware and furniture retailer Dwell have announced the successful sale of the business and assets of the company.
Dwell had ceased trading with immediate effect on June 20, following the decision of its management to close all 23 stores and its one concession in the House of Fraser.
The chain formally went into administration on June 25 when John Whitfield and Philip Duffy of Duff & Phelps in Birmingham were appointed joint administrators. No orders have been dispatched from that date.
In a deal that will see 150 jobs saved at the retailer – and a number of its key outlets reopen tomorrow on Saturday July 6, including Tottenham Court Road in London, the two Westfield sites, the Lakeside site and Barton Square in Manchester – Duff & Phelps secured the sale to Dwell founder Aamir Ahmad, who has stepped back into the business.
John Whitfield, joint administrator, said: “We are delighted to have been able to conclude an agreement that results in not only the continuation of the brand, but saves many of the employees’ roles as well as securing the best outcome for suppliers. The new management will now be in the position to work with customers to try and identify the best solution for everyone concerned.”
Aamir Ahmad founded Dwell with family and friends in 2003 but stood down nine years later.