A Belgian mattress recycling firm has been sold in a pre-pack administration following severe financial and operational pressures. Molly Monks of Parker Walsh Corporate Recovery appointed as administrator on 26 September 2025 confirmed that the business was sold to Rematt, a connected party, for £10,000 payable over six months. The sale preserved jobs through a TUPE transfer and included all assets and IP.
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The company, Green Sleep Ltd, had been struggling since 2023, when a major competitor, backed by Europe's largest operator, acquired a nearby rival and began undercutting prices, poaching staff, and pressuring customers. Industry demand weakened through 2024, and Green Sleep's rebrand (from envirotex products LIMITED) failed to reverse declining sales. One major product line dried up, creating operational difficulties.
In early 2025, Green Sleep lost its two biggest customers almost simultaneously: one via an undercut tender, the other due to a contractual dispute. At the same time, a newly purchased 7.5-tonne vehicle required £9,300 in repairs and was off the road for 14 weeks, severely restricting mattress collections and cashflow.
Mounting repayment demands from creditors, including a £7,500-per-month utility repayment plan, and a £20,000 personal cash injection from the director were insufficient to stabilise the business. HMRC is owed £58,000 and unsecured creditors £602,000, with an expected shortfall of £651,000.
Administrators said the collapse resulted from "adverse trading conditions, heightened competition, the director's ill health, and the sudden loss of its two largest revenue sources."
Source: www.bigfurnituregroup.com
