DFS is to acquire furniture rival Sofology which will continue to be led by its CEO and management team after the deal completes. Sofology operates 37 stores and sells successfully online having made significant technology investments over the past year. It achieved sales of £143 million in 2016. There are to be no store closures and Sofology will continue with its store opening programme.
Ian Filby, DFS CEO said “While the furniture retail market continues to be very challenging, we remain focused on making strategic progress to strengthen our position in living room furniture. This acquisition represents a clear opportunity for DFS to accelerate our proven strategy of broadening our appeal, generating substantial long-term returns for shareholders underpinned by well-understood synergies.”
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