Bedding firm Relyon, which is based in Wellington and employs nearly 500 people, has been sold.

The news comes only six months after its sister company Pritex, which has a 220-strong workforce, was sold to Saint Gobain, an international company.

Relyon has been acquired by Alteri Investors, a specialist investor in the European retail sector. The acquisition is subject to FCA approval.

This hectic spell of buying and selling stems from the local firms being caught up in an accounting scandal at South African parent company Steinhoff International at the end of 2017.

Relyon’s managing director Alan Chapman has issued a statement to the WWN in which he says the company ‘is delighted to be moving forward with Alteri Investors’ and it will be ‘business as usual’.

Mr Chapman’s full unedited statement reads: “London, 15th November 2019: Alteri Investors (“Alteri”), the specialist European retail sector investor, has today reached agreement to acquire Blue Group Hold Co Ltd (“the Group”), owner of Bensons for Beds, Harveys Furniture and upholstery & bedding manufacturers Relyon, Steinhoff UK Beds and Formation Furniture, from Steinhoff International Holdings N.V. (“Steinhoff”).

“Today we can confirm that the Steinhoff UK Manufacturing Group, including Relyon Ltd, as well as the Retail business Bensons for Beds and Harveys Furniture, is being acquired by Alteri Investors, which is a specialist investor in the European retail sector. The acquisition is subject to FCA approval.

“The Manufacturing Group, comprising Relyon Ltd, Steinhoff UK Beds Ltd and Formation Furniture has a strong manufacturing base and we are proud to be a best in class bedding and upholstery manufacturers who not only supply products within our own Group, but also to a wide selection of Blue Chip customers.

“Alteri is a hands-on investor with significant operational expertise.  Alteri is backed by funds managed by affiliates of leading alternative investment manager Apollo Global Management LLC (NYSE: APO).

“This is a very exciting opportunity and we are delighted to be moving forward with Alteri Investors. With the backing of new owners, management will be able to drive continued improvement in the performance of the Group, and make the most of our strong manufacturing capabilities. It will be business as usual for the Manufacturing businesses on the run up to our key trading periods.”

It is understood that Relyon’s workforce has not been informed whether or not redundancies will be made.

Beauty and cosmetics firm Swallowfield, based alongside Relyon, sold its manufacturing division for £35 million to Knowlton Development Corporation in July.