Furniture retailer completes latest acquisition

Bilston-based fitted furniture retailer Sharps Bedrooms has made its second acquisition in less than a year, taking over under-stairs and loft storage solutions provider Clever Closet.

The deal, which follows Sharps’ acquisition of bespoke furniture business Fittingly in September 2023, expands the company’s network of 31 showrooms across the UK. Following the acquisition, Clever Closet founder Paul Jacob will remain with the business to support the Sharps team.

Kevin Smith, general manager of Sharps Bedrooms, said Clever Closet “has become the clear market leader in under-stairs storage solutions”.

Smith continued: “We believe our knowledge and installer base, combined with their intelligent product solutions, will drive significant growth in the UK.”

Clever Closet founder Paul Jacob added: “We are very excited to be working with the UK’s market leader in bespoke furniture, which will help us grow our business even further.”

Sharps Bedrooms’ acquisition activity comes at a time of intense transition for the business, which reported turnover of £135m in the financial year to September 2023 – up 6% on the previous year – and reduced pre-tax losses from just under £5m to almost £4m.

As the company transitions its sales model from physical stores to an online, digital-first shopping format, it has closed a significant number of showrooms in recent years, with six closing in the year to October 1, 2023, following another 21 closures in the previous year.

The change comes against the backdrop of a steady decline in in-store shopping since the COVID-19 pandemic, coupled with rising wages and energy costs.

Distressed acquisitions can be a valuable and cost-effective way to transform the business of UK retailers

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