Silentnight Holdings has made an offer at 55p per share for the beleaguered loss-making textile company. The difficult market conditions proved entirely too much for the group as turnover for the year ended in July fell £8m to £71m. Pre-tax losses of £6.9m also rolled in, in comparison to £3.2m of profits last year. This is despite a busy few months following the appointment of Andrew Stafford as chief executive in July. In August one of the top four furniture brands in the UK, Stag, was acquired. In September an agreement was signed to provide a warehousing and distribution service to Arthur Sanderson and Bob Allred was appointed the president to set up a sales and distribution operation for fabrics in the US. Doubtless these moves attracted the offer from Silentnight as the share price has risen 17.5p since September and rose 2p on 13 October after the announcement of the offer.