YYX Capital have bought upmarket slippers brand Mahabis out of administration.

The acquisition, agreed by administrators KRE Corporate Recovery, means all Mahabis staff will be retained.

The investment company is co-headed by Simba Sleep founder James Cox. He said: “Mahabis has never raised any external capital, so with the right backing we believe we can further grow Mahabis globally, and at speed.

“It is a high margin product category with a large addressable market, both online and offline, and presents exactly the kind of value YYX are looking for.”

The online footwear company – self-described as “the Nike of downtime”– had interest from over 70 investors.

KRE partner Gareth Roberts previously told Retail Week that a sale would be achieved in “a couple of weeks rather than a couple of months” after receiving interest from big trade players and venture capital types.

Founder Ankur Shah said “We achieved an enormous amount in a very short space of time. Whilst the decision to go into administration was a difficult one, this was a great outcome for both employees and suppliers.

“Whilst I now plan to pursue other projects, I hope YYX can propel the brand in new and exciting directions.”

The upmarket slipper company launched in 2014 and was said to be valued at £100m.

Mahabis entered voluntary administration on December 27.

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