Dreams was acquired by mattress and bedding manufacturer Tempur Sealy in May 2021 in a £340m deal.

As it enters the next stage of growth the business was sold by its previous owner, private equity firm and turnaround specialist Sun European Partners. 

Dreams operates as an independent business unit under the new ownership.

CEO Mike Logue will remain in position until the end of 2021, at which time he will stand down and hand the role to former COO Jonathan Hirst.

Logue had previously led Dreams through a three-year turnaround programme which was completed in 2016. This focused on rationalisation of the store network and restoring trust with customers after over-expansion under previous management had culminated in a spell in administration.

More recently, Logue has overseen improvements to the product quality and increased the retailer’s focus on ecommerce.  

But the overall focus is very much on multichannel and the store network has been growing again over the past few years, with more than 200 stores in place by the end of 2020.

The website was relaunched in 2018 as part of a three-year digital investment programme and the bed specialist is now looking at ways to personalise the customer experience and align its store and online channels. Gaining a single view of the customer is a current priority. 

Impacted by the pandemic, sales dipped 6% to just over £300m in 2020, but online surged 66% to account for around 30% of sales. As a vertically integrated business, Dreams achieves elevated profit margins. 

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