Dreams founder Mike Clare has put his new bed venture Buzz Beds on ice as the entrepreneur “reflects” on strategy and execution.
Clare, who narrowly missed out on buying Dreams back last month, said he was delaying plans to launch the new beds retailer for a “variety of reasons”, according to a statement he has posted on Buzzbeds.com.
He added: “Partly the Dreams administrators…partly acquiring the right (best) portfolio of stores from the landlords….partly the need for a developed back office infrastructure/systems….partly issues with retail staff and TUPE…all of this has been put on hold.
“There is one more reason and that is more emotional…Dreams was ‘my baby’ (my 5th child!) and somehow I feel uncomfortable competing against a company that I founded, developed and loved for over 20 years…(maybe I’m going soft in my old age!)”
Sun European acquired Dreams last month, as revealed by Retail-week.com. The private equity firm beat off stiff competition from Clare.
Clare added: “I would like to thank suppliers for all of their encouraging comments, help & advice. There are many excellent potential employees who have contacted Buzz and registered their interest and we will keep your details on file…thank you for your support and interest.
“I appreciate this is disappointing to many parties (including myself!) as we have developed some exciting and dynamic business ideas for what I believe could be a fantastic new retail brand, not just for beds but also for sofa’s in the long term.
“This has been a difficult decision but I remain hugely enthusiastic and committed to the furniture industry, especially bed retailing, and am keen to remain involved in some capacity or other…..whatever that might bee(sic)!”