Houseology future secured after sale to Olivia’s
New home for Houseology range
Furniture and homeware brand Olivia’s has acquired Glasgow business Houseology which went into administration last month.
Olivia’s is part of The Moot Group, the UK’s fastest growing premium homeware retailer.
It has acquired all IP and assets, including Houseology’s suppliers and stock, for an undisclosed amount.
The deal offers Olivia’s and The Moot Group the opportunity to expand in the lucrative UK and international eCommerce market and take advantage of growth opportunities in the sector. The sale has the full support of the outgoing executive team.
While Olivia’s is not taking on any of the brands’ historical liabilities, it will help any Houseology customers affected by the administration and will try to work with historical creditors.
Houseology had raised over £6m in investment since it was launched in 2010 by Kate Mooney, and was backed by a number of industry titans including Sir Terry Leahy, Bill Dobbie, Bill Currie.
However, poor marketing decisions and returns along with a dysfunctional logistics process caused the brand to fall into decline. Once generating annual revenues of circa £10m, The Houseology Group had slowly declined over the last 12 months, resulting in poor Q4 sales in 2019, forcing the board to file for administration with the loss of 23 jobs.
The Moot Group is led and founded by Nick Moutter, a serial tech entrepreneur from Staffordshire. Moutter’s background in performance marketing and technology has enabled The Moot Group to evolve the ecommerce world by automating and simplifying processes through the use of technology.
As a result, it has grown speedily since its inception in 2018. It also boasts a damage and return rate of under 1%, which is unheard of in the industry. Following the acquisition, The Moot Group is on target to deliver £20m in revenue for 2020 and is growing fast.
Mr Moutter said: “When I first started Olivia’s, Houseology was one of the brands we aspired to be as big as some day. Being able to help save it from collapse after just two years of trading is a great feeling, and a direct result of the expertise and innovation in marketing and technology that we have at The Moot Group.
“I’m excited to expand The Moot Group’s current luxury home offering and breathe new life into a brand that has served so many loyal customers over the last 10 years.”