UK-based furniture retailer DFS Furniture (DFS) has acquired certain store leases, assets and intellectual property of Multiyork Furniture (Multiyork), primarily for Sofa Workshop.
As per the terms of the deal, DFS will take over eight store leases for a total consideration of £1.2m, where six stores will be converted to trade as Sofa Workshop, and two intended to be converted to be operated by the DFS.
Sofa Workshop CEO Gill Stewart 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.”
In addition to the assets and store leases, DFS has also acquired all intellectual property rights of Multiyork, including the Multiyork trademark, product designs, domain names and marketing databases.
DFS Furniture CEO Ian Filby said: “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.”
Multiyork will continue to be traded by the administrators until 18 February, under a licence from DFS.
DFS noted that the existing Multiyork retail staff members working at the eight stores have been offered roles within the group as part of the acquisition.