Furniture retailer DFS has announced its acquisition of Multiyork Furniture for £1.2m.
The retail group acquired eight store leases, with six stores intended to be converted to trade as Sofa Workshop, and two intended to be converted to DFS. Members of the retail teams at the eight transferred stores have been offered roles within the DFS as part of the acquisition.
DFS has also acquired all intellectual property rights of Multiyork, including the Multiyork trademark, product designs, domain names and marketing databases.
Multiyork will continue to trade under the administrators until 18 February, at which point the original brand will cease trading.
Gill Stewart, Sofa Workshop CEO, 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, DFS CEO, 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.”