Mahabis bought out of administration by YYX Capital

The acquisition, agreed by administrators KRE Corporate Recovery, means all Mahabis staff will be retained.

The investment company is co-headed by Simba Sleep founder James Cox. He said: “Mahabis has never raised any external capital, so with the right backing we believe we can further grow Mahabis globally, and at speed.

“It is a high margin product category with a large addressable market, both online and offline, and presents exactly the kind of value YYX are looking for.”

The online footwear company – self-described as “the Nike of downtime”– had interest from over 70 investors.

KRE partner Gareth Roberts previously told Retail Week that a sale would be achieved in “a couple of weeks rather than a couple of months” after receiving interest from big trade players and venture capital types.

Founder Ankur Shah said “We achieved an enormous amount in a very short space of time. Whilst the decision to go into administration was a difficult one, this was a great outcome for both employees and suppliers.

“Whilst I now plan to pursue other projects, I hope YYX can propel the brand in new and exciting directions.”

The upmarket slipper company launched in 2014 and was said to be valued at £100m.

Mahabis entered voluntary administration on December 27.