Collapsed furniture bought out of administration
Wade Furniture Group has bought Feather & Black, which collapsed last month, for an undisclosed sum. Wade, which owns furniture chains Perfect Nights and Multiyork, aims to double Feather & Black's 22-store portfolio in the next 3 to 4 years.

Perfect Nights managing director Chris Peddar has been appointed chief executive of Feather & Black. He said: 'We wish to get to grips with the purchase, strengthen the business then certainly roll out more stores. The country can easily cope with more Feather & Black stores, but we need to get a host of things in place before we start expansion and that will easily take six months.'

The acquisition of Feather & Black gives Wade an entry point into the mid-market furniture sector. Group chairman Charles Wade said: 'I have every confidence that the combined resources of Perfect Nights, our existing upmarket bedroom brand and those of Feather & Black will secure a major presence in this important sector.'

Robbie Feather and Adam Black originated the trading concept and both have agreed to join the new business management team. Despite changing its fascia from the Iron Bed Company last year, the troubled retailer continued to rack up losses. Feather & Black was established 12 years ago and moved from specialising in beds to selling bedroom furniture and textiles when it was renamed.

Kroll and PricewaterhouseCoopers were appointed as administrators when the company collapsed last month. Kroll's administrators, Peter Holder and Stuart MacKellar, said at the time that they wanted to sell the business as a going concern, rather than split it up.