In a recent development, HIG Europe took over the Britain's biggest bed maker, Silentnight which not only rescued the company but also saved nearly 1,250 jobs in the UK and Ireland. Silentnight went into administration when the Pension Protection Fund (PPF) rejected the plan of the proposed Company Voluntary Agreement (CVA), which stated that creditors would get condensed repayments.

Neal Mernock, Chief Executive of Silentnight, said: "Whilst we are disappointed that the CVA was not successful, this deal with HIG Europe safeguards the jobs of our 1,250 employees and enables Silentnight to continue its proud history of manufacturing and distributing beds across the UK and Ireland”.

Even the company’s recent audit showed that the company underwent a downfall of nearly £3 million in sales this year. Hence, the HIG Europe’s helping hand was the need of the hour for the company, which was also facing a deficit to the tune of £100million in its pension fund.

Silentnight, the Lancashire-based group was founded in the year 1946 and manufactures nearly half a million beds every year. It has 650 employees working at its chief site in Barnoldswick plus a 600 more in Cumbria, West Yorkshire and Ireland.