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BED retailer Dreams has reported a record set of results as its private equity owner continues to search for a buyer for the firm.

The company, which is owned by Sun Capital Partners and has stores in Portsmouth, Fareham, Havant and Waterlooville, saw sales rise 20 per cent to £280m and pre-tax profit grow 136 per cent to £32m last year.

Dreams linked the growth to investment into store refurbishments and its Oldbury factory, where it manufactures over 200,000 mattresses and over 160,000 beds annually.

The 181-store chain collapsed into administration in 2013 before being bought by Sun, which has embarked on a turnaround in the face of rising online competition.

Sun is working with bankers at Rothschild to hunt for a buyer for Dreams, with an asking price around £400m. It is understood several US private equity firms have expressed interest.