Eve Sleep PLC said it will need further funding in October should no offers be received for the troubled company.
Reporting a doubling in pre-tax losses, the so-called ‘sleep wellness brand’ said whilst a number of indicative offers have been received none of these talks have led to any firm proposals.
Significant cost savings have been made, the company said, but further cash will still be required in October based on current management forecasts as cash reserves will be fully depleted.
“We are doing everything possible to manage the business through these incredibly difficult times, whilst speaking with potential investors and strategic partners to secure fresh investment aiming to put eve on a more secure and sustainable footing,” Cheryl Calverley, chief executive officer, of Eve Sleep, said.
“The business has been streamlined dramatically, with cash preservation our absolute focus.”
“Truly unprecedentedly appalling market conditions have stopped 2022 being the transformative year that it was intended to be despite a very bright start and our focus is now on navigating the current storm through to calmer waters with a much more efficient business.”
Pre-tax losses doubled at the half-way stage to £4.6mln from £2.3mln and revenues fell 16% to £11.6mln with a 18% fall in the UK and an 8% decline in France.
Cash balances at the period end were £1.4mln and eve said current trading remained tough with sales orders in July and August down 14% in the UK and Ireland and 16% in France.