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	06/03/2013	Retail Week, Nicola Harrison - Dreams acquired by Sun European in £35m pre-pack administration deal

	Sun European acquires Dreams in pre-pack administration deal

	Retail Week reports that Sun European has acquired Dreams in a pre-pack administration deal for £35m. Sun European has taken 171 stores and closed 93, as it aims to turn around the retailer, which had overexpanded under previous owners Exponent. Ernst & Young was appointed administrator yesterday immediately before Sun European acquired the business. Ernst & Young confirmed the pre-pack administration deal in a statement on Wednesday morning. The current management team, led by chief executive Nick Worthington, is to be kept on. The former boss of Tesco’s US business Tim Mason is in advanced talks to join Sun European as its operating managing director.

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Sun European acquires Dreams in pre-pack administration deal