Australia's oldest mattress maker AH Beard saved from administration

Summarised from 2 outlets · Updated 9 Nov, 00:56 · Archive

Australian mattress maker AH Beard has been saved from administration after smart bed brand Softide bought a stake in the 127-year-old family business.

AH Beard, founded in 1899 and Australia's oldest mattress manufacturer, has been saved from administration after smart bed brand Softide bought a stake in the 127-year-old family business. The rescue deal was announced on Monday and secures 200 jobs across factories in New South Wales, Queensland, South Australia, Victoria, Tasmania and Western Australia.

The company had announced in April that it would enter voluntary administration after 127 years of operation. Documents lodged with administrators showed AH Beard owed $10.23m to suppliers and other creditors, plus $2.87m to staff.

AH Beard chief executive Matthew Beard said the announcement represented more than financial backing. 'It's a significant vote of confidence in our business and the future of Australian manufacturing,' he said. 'With fresh capital and a global strategic partner behind us, we're ready to invest further in innovation.'

The company produces up to 10,000 mattresses a week and supplies major retailers including David Jones, Myer and Harvey Norman. It estimates it has sold more than 10 million mattresses throughout its existence and supplies hotels and international markets.

How it is being reported

• AH Beard saved from administration as fresh investment secures 200 jobs across AustraliaIn a major nod to Australian manufacturing, the country’s oldest mattress maker has been sensationally saved in a last-minute deal.The West Australian · 9 Nov, 00:29
• AH Beard saved from administration as fresh investment secures 200 jobs across AustraliaIn a major nod to Australian manufacturing, the country’s oldest mattress maker has been sensationally saved in a last-minute deal.Perth Now · 9 Nov, 00:29

In this story: AH Beard · Softide · Matthew Beard · Australia

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