Dreams come to an end for chief exec of the bed retailer

 
Kasmira Jefford
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THE CHIEF executive of Dreams is to step down just three months after the troubled beds retailer was bought out of administration by private equity firm Sun European Partners.

Nick Worthington has been with the company for 16 years including six as chief executive.

The chain is currently looking for his successor, but Worthington said in a statement yesterday that he will stay “as long as required” to ensure a smooth transition.

Sun European bought 171 of Dreams’ 266 stores in March for £35m through a pre-pack administration.

The company was put up for sale by its previous owners Exponent after its lenders, led by Royal Bank of Scotland and Barclays, put pressure on its owners to refinance the business. Exponent bought the business from its founder Mike Clare in 2008. But it has since struggled with a sharp decline in sales as the consumer downturn and an over expansion of its store portfolio took its toll on the business.

Worthington said: “It has been a truly exciting journey over the past 16 years. I believe I am leaving a business that is in great financial shape, and the time is now right to move on to something new.”