The sale of Fantastic Furniture between Greenlit Brands and Allegro Funds has been completed, with Greenlit now exiting Australia’s retail market.

Confirmed today, May 4, the deal follows Greenlit’s divestment of Freedom Furniture, as the rebranded entity of Steinhoff International sought to wind down the former scandal-ridden firm’s activities.

Allegro Funds will now take control of Fantastic’s 86-strong store network.

“We are really pleased with this outcome for the Fantastic Furniture business and its people, as they are joining a group with a strong track record in building and enhancing retail businesses that are already successful,” Greenlit Brands’ non-executive chair, Michael Ford, said.

“We have been careful and methodical throughout this period to identify the right new owners for all our former businesses, so that they can grow to the next stage of their development.”

Ford spoke of Greenlit’s pride in navigating Fantastic through the pandemic, and wider debt challenges associated with Steinhoff; he wished everyone involved in the retailer the best for the future.

“Fantastic Furniture is more than just a retailer – this iconic brand has become famous for helping everyday Australians create homes they love for over 35 years,” Allegro Funds Partner Fay Bou said.

“We see immense potential in Fantastic’s strong value positioning and its market-leading omni-channel platform. We are delighted to bring this highly successful Australian business back into Australian ownership at Allegro.”