Bed and upholstery group Airsprung has agreed to a £7.9m takeover offer from property tycoon Andrew Perloff. Perloff had originally offered £6.45m for the group after building a 42% stake in Airsprung last month.

The manufacturer’s directors, who own 26.2% of shares, have now recommended the increased bid to other shareholders.

‘The Airsprung board believes that the increased offer being made represents a good opportunity for Airsprung's shareholders to realise the full value of their shares in cash. As a result of the assurances that the board has received regarding future intentions for the Company, its employees, pensioners and other stakeholders in the business, we are satisfied that [Perloff] will be suitable owners of the company,’ says Stuart Lyons, Airsprung chairman.

Perloff has a long standing connection to furniture, having worked at his uncle’s antique business while a teenager and his property firm Panther Securities has been the largest shareholder in department store chain Beales since February 2010.

Airsprung’s senior management will remain in place after the takeover and have been told that its new owner has ‘no specific plans’ to relocate its manufacturing facilities.

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