Mattress tycoon saves slipper firm

a lUXURY maker of £70 ‘slippers for hipsters’ has been saved by one of the founders behind mattress start-up simba sleep.

Mahabis – which collapsed into administration days after Christmas – was snapped up last night by James Cox’s venture capital firm YYX Capital.

It means the jobs of all 16 staff are safe, although Mahabis boss ankur shah will leave.

Cox, who co-founded simba in 2015, will take over as interim chief executive and oversee an overhaul of the company’s products and marketing.

The 31-year-old said there is still value in the Mahabis brand and claimed it could replicate the success of furry boot maker Ugg.

Mahabis was founded in 2014 and grew rapidly by targeting millennials with online ads for woollen slippers that can be worn outside using detachable rubber soles.

The company’s founder, 38-year-old shah, said: ‘Whilst the decision to go in to administration was a difficult one, this was a great outcome for both employees and suppliers.’