News in brief: Nightmare starts to fade for Dreams, End of final pension scheme at Wolseley, Chief underwriter quits insurer

Dreams, the UK’s biggest bed retailer, has been sold out of administration to a private equity firm but 400 jobs could be lost in a brutal culling of nearly 100 stores.

Sun European Partners has acquired Dreams for a knockdown price of £35m, largely comprising the distressed retailer’s debt. The private equity firm, which also owns sofa chain SCS, has taken on 171 stores and its two factories. But 95 outlets have been offloaded.

End of final pension scheme at Wolseley

Wolseley today became the latest company to close its final-salary pension scheme to existing members. The FTSE 100 plumbing and heating specialist said the scheme would be shut at the end of the year, although any benefits employees have already built up will be protected. Workers paying into the scheme will be transferred to a less-lucrative defined contribution scheme next year.

Chief underwriter quits insurer

Lancashire Holdings was today rocked by the departure of its chief underwriting officer. Simon Fascione quit to “pursue other opportunities”, the insurer said in a statement. His departure will raise eyebrows in the City, coming less than a month after he was appointed head of the group’s new Capital Management division. Richard Brindle, chief executive, said: “I’m sorry to see one of the team leave and I wish him all the best.”