Kelly set to leave

February 2005
Cabinet Maker;2/4/2005, Issue 5424, p5
Trade Publication
This article reports that Bernard Kelly, Bensons Beds chief executive and founder, will leave the company, after parent Homestyle, opted for a management buy in for its beds division, rather than a proposed MBO from the current management team. Homestyle is under pressure to sell its beds businesses before the end of March when its debt repayment terms run out, or face significantly higher interest costs on its £87m lending facility. The Homestyle board's priority is to reduce its debts, and the sale of the bed division should more than cover its average borrowings of £70m.


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