Sebel Furniture sold | Deloitte Australia | Media Release, Financial Advisory has been added to your bookmarks.
Sebel Furniture sold
Iconic Australian brand rescued
4 September 2017: Deloitte Restructuring Services has sold Sebel Furniture to Resero, rescuing the company from closing and protecting over 100 jobs.
Deloitte Restructuring Services partners Vaughan Strawbridge and David Lombe were appointed Voluntary Administrators of Sebel Australia and Sebel New Zealand on 8 June 2017.
On appointment they commenced a comprehensive sale process of the B2B furniture brand, which has over 65 years of experience in researching, designing and manufacturing furniture.
Sebel has a world famous product portfolio ranging from seating to storage solutions and had a manufacturing facility in Minto, NSW and national footprints in QLD VIC and WA. Sebel also had international sales offices and showrooms in New Zealand and Hong Kong.
Following a restructure of Sebel’s operations the business and assets of Sebel in Australia and New Zealand were sold on 4 September 2017 to Resero Pty Ltd, part of the Resero Group Limited which is an experienced furniture manufacturer with both international and local experience.
Under the new ownership, the business will operate from its existing Sydney manufacturing site at Minto and have local sales presence in QLD VIC and WA, along with international coverage in New Zealand and Hong Kong.
More than 100 current employees are being offered ongoing employment by the new owner. Joint Voluntary Administrator David Lombe said “Sebel Furniture is one of Australia’s oldest furniture manufacturers with a renowned brand".
This sale is a great outcome for manufacturing in Australia and means the survival of a business that has been serving customers globally since the 1950’s.
Achieving a sale in the current manufacturing environment is an outstanding result and is directly attributable to the restructuring undertaken in the Sebel business.
During the past two months, Sebel staff have worked tirelessly to maintain their long term client relationships and continue to provide industry leading quality standards for Australian-made furniture in the market.
Many of the employees have worked for Sebel for more than 20 years, and I am particularly pleased for them that so many jobs have been preserved. It is a testament to their efforts that the buyer sees a viable and bright future for the business.
“Importantly, the result could not have been achieved without the understanding and support of employees, suppliers, customers and the landlord.”
Deloitte Restructuring Services has successfully sold a number of businesses out of administration and receivership in recent years. These include:
- Howards Storage World – February 2017
- Oakville Produce Group – November 2016
- Quickflix – October 2016
- Koko Black –January 2016
- James Estate Wines – January 2015
- Custom Coaches – August 2014
- Black Swan – June 2014
- Tamar Valley Dairy – November 2013
- R.L. Buller & Son Pty Limited (Buller Wines) – August 2013
- Payless Shoes – March 2013
- Retail Adventures – February 2013