Britain’s largest bed-maker and retailer Silentnight has been saved at the last minute from collapse after being rescued by HIG Europe, a private equity firm operating within europe.
Silentnight is based in Barnoldswick, Lancashire and went into administration following a deficit of £100m in it’s pension fund.
The purchase will save 1250 positions within the firm which operates out of the UK and Ireland.
The sale looks to see the Pension Protection Fund take over the existing pension fund and its existing shortfall. To date PPF is the largest of the creditors mentioned within the claims.
The final salary pension fund has since been retired with only 100 still working within the group.
Members who have yet to retire will see their pensions capped annually at £30,000.