eve Sleep PLC (AIM:EVE) said it has appointed administrators after efforts to find a buyer or raise new funds proved unsuccessful.
The company had warned last month that it needed further funding after reporting a doubling in pre-tax losses for the first half.
In today’s statement, the sleep wellness brand company said it had received “a number of indicative offers” but after further talks and due diligence, “discussions with respect to a sale of the company or in relation to an equity or other such fundraising transaction have not been successful”.
The company has therefore appointed Matthew Ingram and James Saunders, both of Kroll Advisory Ltd., as joint administrators.
The company has requested that its shares be suspended from trading on AIM.
It is not expected that the appointment of the joint administrators will enable there to be any return to the shareholders of Eve Sleep, the company said.
"It is heartbreaking to have to acknowledge that the best way to preserve value for creditors, those partners and suppliers that have helped us on this journey, is to now terminate the formal sale process and appoint administrators,” commented CEO Cheryl Calverley in the statement.