Luxury furniture and homeware brand, Olivias.com, part of homeware retailer The Moot Group, has completed its purchase of Houseology, which went into administration last month.
The acquisition, which was agreed for an undisclosed amount at blind auction, 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.
Olivia’s plans to integrate all Houseology customers and suppliers with its current ever-growing offering, while continuing to run Houseology as a standalone brand under The Moot Group umbrella. While Olivia’s is not taking on any of the brands’ historical liabilities, it is happy to help any Houseology customers that have been affected by the recent news and will try to work with historical creditors.
Houseology had raised over £6m in investment since it started in 2010 by Kate Mooney, along with being backed by some industry titans including Sir Terry Leahy, Bill Dobbie, Bill Currie and many more. 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.
Nick Moutter founder of Olivia’s, said: “When I first started Olivia’s, Houseology was one of the brands we aspired to be as big as someday. 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. We’re working hard to ensure a smooth transition for Houseology customers and suppliers, and deliver our mission of being the place online to get fashion for your home.”