DFS snaps up assets of failed rival Multiyork for just £1.2 million
DFS Furniture has bought store leases and other assets from failed rival, Multiyork.
Multiyork, based in Thetford Norfolk, had 50 stores and went into administration in late November blaming difficult trading conditions.
In a deal worth £1.2m, DFS is buying eight store leases, the Multiyork trademark, product designs and marketing databases.
Staff working at the eight Multiyork branches will be offered jobs at DFS.
Six of those eight stores will be converted to trade under the Sofa Workshop brand and the other two will become DFS stores.
The administrators of Multiyork did not say what would happen to the remaining stores or the firm’s factory in Thetford.
As well as the Sofa Workshop chain, DFS owns Dwell and recently completed the purchase of Sofology.
Commenting on the latest deal, Gill Stewart, chief executive of Sofa Workshop said: “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,” she said.
In October DFS reported a 22% slump in profits blaming a “very challenging” market.