Wellington bedding firm Relyon, along with its remaining 280 employees, has been acquired by a new company headed by former boss Ian Topping.

The move ends over a month of uncertainty and anxiety for employees and the firm which was forced to make redundancies and put many others on furlough after being put in the hands of administrators.

On Tuesday of this week came news that Relyon had been acquired from the administrators PwC by Michco 2001 Ltd, a new company set up by former Reylon Group chief executive Ian Topping and other private investors.

Relyon said in a statement: “Michco 2001 Ltd has also acquired the freehold property in Wellington, from which Relyon operates, as well as the intellectual property associated with the Relyon and Dunlopillo brand names. The deal saves the jobs of 280 Relyon employees.”

For the full story and reaction to Relyon’s rescue, see this week’s Wellington Weekly News.