DFS Furniture plc Acquisition of Assets by Sofa Workshop and DFS (2824A)
27 December 2017 - 6:00PM
UK Regulatory
TIDMDFS
RNS Number : 2824A
DFS Furniture plc
27 December 2017
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 GBP1.2
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."
DFS (enquiries via FTI) FTI Consulting
Ian Filby (CEO) Jonathon Brill
Nicola Bancroft (CFO) Georgina Goodhew
Mike Schmidt (Director of Eleanor Purdon
Corporate Finance)
+44 (0) 20 3727 1000
dfsfurniture@fticonsulting.com
This information is provided by RNS
The company news service from the London Stock Exchange
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