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Alliance News Detail


Mattress Maker Eve Sleep To Raise GBP35 Million In London Listing (ALLIPO)

[ 15 May 2017 08:49 ]

LONDON (Alliance News) - Online mattress maker and retailer eve Sleep PLC on Monday said it will raise GBP35 million in an initial public offering, in order to begin trading on London's AIM.

eve Sleep will place 34.6 million shares at 101 pence each to raise the funds, which will give the company a market capitalisation of around GBP140 million on admission.

eve will use the proceeds for its advertising and marketing strategy, as well as for general working capital. It expects to begin trading on AIM on May 18.

According to eve, revenue in 2016 rose to GBP12 million from GBP2.6 million in 2015, when it first began operating. Growth was principally due to establishing and increasing market share in the UK, expanding into new overseas markets and the introduction of new product lines, eve said.

The company focuses on the design, branding, marketing and selling of its products, with other aspects of its operations, including manufacturing and fulfilment, being outsourced. It said this model has enabled it to "scale quickly internationally without the requirement for significant capital investment".

As well as mattresses, eve designs and sells pillows, sheets and duvets.

eve's strategy is to further penetrate existing territories, expand into new markets, extend its product range and develop its retail partnerships.

eve's aim is to become the "leading pan-European sleep brand".

"Today marks a new dawn in our vision to be Europe's leading sleep brand. With our simplified direct-to-consumer proposition, we are disrupting a fragmented European market, which is forecast to be worth approximately GBP26 billion by 2019. The funds raised will accelerate our growth strategy including through deepening penetration within our ten existing markets, as well as expanding our product range," Founder & Chief Executive Jas Bagniewski said in a statement.

The non-executive chairman of eve Sleep will be Paul Pindar, who was the chief executive of outsourcer Capita PLC until 2014. Pindar currently is non-executive chairman of online estate agency Purplebricks Group PLC.

By Karolina Kaminska; karolinakaminska@alliancenews.com; @KarolinaAllNews

Copyright 2017 Alliance News Limited. All Rights Reserved.


Mattress Maker Eve Sleep To Raise GBP35 Million In London Listing (ALLIPO) - Alliance News

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