DFS Furniture plc has acquired certain store leases, assets and intellectual property of Multiyork Furniture Limited, in administration, primarily for Sofa Workshop. Under the transaction the group has acquired eight store leases, with six stores intended to be converted to trade as Sofa Workshop, and two intended to be converted to trade as DFS. The members of the Multiyork teams at the eight transferred stores have been offered roles within the Group as part of the acquisition.
Alongside these store leases, DFS has also acquired all intellectual property rights of Multiyork, including the Multiyork trademark, product designs, domain names and marketing databases. The total consideration payable for the transaction is £1.2 million.
Multiyork will continte to be traded by the administrators until 18 February, under a licence from DFS, at which point trading under the Multiyork brand will cease.
Gill Stewart, CEO, 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.”
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