One Yorkshire branch of the under-administration company Multiyork Furniture has been acquired by DFS Furniture.
The Beverley store has been included in the £1.2m deal which has seen eight national store leases acquired by DFS Furniture. The Leeds, Harrogate and Sheffield branches are not included in the deal.
During the Christmas period DFS announced it had acquired eight store leases, with six stores intended to trade as Sofa Workshop and two intended to be converted to DFS.
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.
Gill Stewart, CEO at 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, CEO at DFS Furniture 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.”
The particular store leases acquired are in Beverley, Yorkshire; Cheltenham, Gloucestershire; Epping, Essex; Guildford, Surrey; Nottingham; St Albans, Herfordshire; Winchester, and Thurrock, Essex.
Multiyork will continue to be traded by the administrators until February 18, under a licence from DFS, at which point trading under the Multiyork brand will cease.
DFS was represented by a team from Clarion comprising Lindsay Texel, Ben Slack, Estelle Brown, Victoria Clark and Sue Streatfield, with pensions assistance from Clarion’s pensions consultant, Roderick Ramage.
Eversheds acted for the administrators of Multiyork.