Acquisition of Assets by Sofa Workshop and DFS
27 December 2017
DFS Furniture plc ("DFS" or the "Group")
Acquisition of Assets by Sofa Workshop and DFS
DFS Furniture plc is pleased to announce that the Group has acquired certain store leases, assets and intellectual property of Multiyork Furniture Limited (in administration) ("Multiyork") (the "Transaction"), primarily for Sofa Workshop.
Under the Transaction the Group has acquired eight store leases, with six stores intended to be converted to trade as Sofa Workshop, and two intended to be converted to DFS. The members of the Multiyork retail teams at the eight transferred stores have been offered roles within the Group as part of the acquisition.
Alongside the acquisition of store leases, DFS has also acquired all intellectual property rights of Multiyork, including the Multiyork trademark, product designs, domain names and marketing databases.
Total consideration payable for the Transaction is £1.2 million.
Multiyork will continue to be traded by the administrators until 18 February, under a licence from DFS, at which point trading under the Multiyork brand will cease.
Gill Stewart, CEO, Sofa Workshop commented:
"We are delighted to take this opportunity to expand our store network, offering customers a local presence where they can experience Sofa Workshop's exclusive range of modern, luxury, hand-made furniture. We very much look forward to welcoming the sales colleagues from Multiyork as part of our network of experienced store teams."
Ian Filby, CEO, DFS Furniture commented:
"We are pleased by this positive outcome, which offers a clear opportunity to accelerate our growth plans for Sofa Workshop, as it continues to go from strength to strength."
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DFS (enquiries via FTI) |
FTI Consulting |
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Ian Filby (CEO) |
Jonathon Brill |
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Nicola Bancroft (CFO) |
Georgina Goodhew |
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Mike Schmidt (Director of Corporate Finance) |
Eleanor Purdon |
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+44 (0) 20 3727 1000 |
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