DFS acquires Multiyork stores
DFS has acquired a range of stores and assets from failed furniture retailer Multiyork.
Under the £1.2 million deal, DFS has bought eight store leases. Six stores will be converted to Sofa Workshop stores while two will trade as DFS shops. Multiyork staff at all eight stores have been offered roles within the DFS Group as part of the acquisition.
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."
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.
In Filby, chief executive of DFS, 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, at which point trading under the Multiyork brand will cease.
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