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Key Capital-backed Dwell saved from administration by founder

4 Jul 2013

Dwell chairPrivate equity-backed UK furniture retailer Dwell has been rescued from administration by founder Aamir Ahmad, who left the business last year.

AltAssets reported last month that the Key Capital Partners-backed business was set to file for administration after appointing Duff & Phelps to handle the process.

A total of 24 stores were under threat from the process, although five have now reopened alongside the online service following Ahmad’s intervention.

He founded the business with family and friends in 2003, but left the business last year while remaining a creditor.

Key Capital invested £5m in Dwell in 2010. The company saw its losses jump to £675,320 in 2012 from £456,349 in the previous year despite a three per cent increase in revenues to £34.5m.

Other UK retailers that have recently collapsed into administration include Republic, which was owned by private equity firm TPG.

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