Private equity fund Endless backed the deal, with debt provided by Landsbanki Commercial Finance. Corporate finance adviser Orbis Partners assisted with the transaction.
West Midlands-based Homebuy was put into administration in September following bad debts and rising costs. The business has now re-commenced trading.
James Grenfell, founding partner at Orbis comments: ‘There’s been significant negative press directed at the private equity industry and this deal demonstrates how a supportive and proactive equity investor can secure the future of a business and its workforce.’
Established in 2003 and floated on AIM in the following year, Homebuy has a national distribution centre in Manchester and service depots in Belfast, Chester-le-Street, Dundee, Glasgow, Rotherham, Sevenoaks and Wigan.