Belfast Telegraph

Eve Sleep stock market flotation could come 'as early as May'

Online mattress retailer Eve Sleep is gearing up for a potential stock market flotation as it looks to raise cash to fund further international expansion.

The Press Association understands that the British firm, which is backed by star investor Neil Woodford, has mandated broker Peel Hunt to run the process and the initial public offering (IPO) could be announced in the coming weeks.

One source close to the process said: "It could float as early as May. The owners want to fund international expansion and expand the product range into more than just mattresses."

Camden-based Eve, which employs more than 50 people, is expected to float on the London Stock Exchange's junior market AIM.

A company spokesman told PA: "Eve is a rapidly growing market leader in the direct to consumer sleep sector.

"As a forward-looking company, the management regularly reviews its strategic options to maximize its growth potential and shareholder value. As such, all options remain open."

Founded in 2015 by Jas Bagniewski, Eve turned over a reported £17 million last year as the British mattress market hots up, with other start-ups such as Simba providing stiff competition in an increasingly crowded space.

The loss-making firm, which sells mattresses for up to £899, already operates in Germany and France and will use the IPO proceeds to expand further on the continent.

Last year, Eve drafted City heavyweight Paul Pindar in as chairman. Mr Pindar is the former Capita chief executive and was also an early investor in online estate agent Purplebricks.

Eve raised close to £14 million last year, when investors such as Mr Woodford and private equity firm Octopus Ventures piled in to a fundraising round.

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