DFS snaps up Multiyork stores and assets in £1.2m deal
DFS has struck a £1.2 million deal to buy eight store leases and other assets from administrators of Multiyork Furniture.
Sofa group DFS has bought a clutch of stores and assets from failed retailer Multiyork Furniture to boost its national chain and Sofa Workshop brand.
DFS said it has struck a £1.2 million deal to buy eight store leases from administrators of Multiyork Furniture as well as the intellectual property rights of Multiyork, including the Multiyork trademark, product designs, domain names and marketing databases.
Staff from the stores will be offered roles within DFS.
But it added that administrators will stop operating the Multiyork brand after February 18 as part of the deal.
It comes after 50-strong store chain Multiyork collapsed in late November, putting more than 500 jobs at risk.
DFS will convert six of the bought stores into the Sofa Workshop brand and two will trade as DFS.
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.”
Ian Filby, chief executive of DFS, added: “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.”