A globally sourced specialist team from Gowling WLG has advised Giomani Designs, a furniture and homewares manufacturer, on its purchase of the business and IP assets, together with the workforce, of online furniture retailer, Cox & Cox Mail Order Ltd. The transaction was completed by way of a pre-pack Administration,
Cox & Cox had seen growth over the pandemic, with sales rising by 105 per cent year-on-year in 2021. However, disruptive supply chains delays in product manufacture and the cost of living all contributed to a fall in demand which impacted cashflow and funding options. Following a competitive marketing process run by the Administrators, experienced online retailer manufacturer, Giomani Designs, completed the acquisition allowing for a seamless transfer of the Cox & Cox brand and business securing its future.
The team was led by Imran Mufti (Corporate, Dubai) and Jasvir Jootla (Restructuring & Insolvency), supported by Karolina Lewandowska, Emily Rust (Restructuring & Insolvency), Martin Chitty, Hannah Swindle (TUPE/ Employment), and Zoe Pearman (IP), all collectively worked on the successful acquisition.
Commenting, Jasvir said:
"It has been a pleasure to provide legal advice and guidance on such an ideal match in terms of services and market focus – Giomani will no doubt see the investment and customer benefits that flow from this tie-up."