A consortium of existing shareholders have bought Sofa Workshop and five of the New Heights stores for an undisclosed sum. The five stores will be rebranded as Sofa Workshop.
New Haven Associates, trading as New Heights, went into administration this week and Baker Tilly was appointed as administrator.
Baker Tilly is seeking a buyer for the remainder of the New Haven Associates business, which consists of the brand, 13 stores and about 80 staff.
A Baker Tilly spokesman said: “Sofa Workshop is unaffected by the administration of New Heights and we are now seeking a buyer for the New Haven Associates business. Our partners Mike Rollings and Mark Oldfield are examining all options.”
New Heights founder and Sofa Workshop business development director Toby Ash said: “It is obviously very sad that New Heights had to go into administration, but we are pleased that Sofa Workshop is on a firm financial footing and has an exciting brand strategy to take it forward in the coming months.”
New Heights, founded in 1999 by Oxford University friends Toby Ash, Gareth Williams and Richard Hepworth, bought MFI’s Sofa Workshop business for£1.8 million in October 2006.