DFS Furniture is to sell The Sofa Workshop to Halo Furnishings. The transaction is valued at £300,000 and is subject to approval from the FCA.
Tim Stacey, CEO, DFS, said, “Over the course of the past few months we have reviewed our strategy and plans across the Group with a focus on ensuring our brands are in the best possible position to support the Group in maximising its return on capital.
“After careful consideration, we have decided to sell Sofa Workshop to Halo. This transaction represents a great opportunity for Sofa Workshop and I’d like to thank all our colleagues for their hard work and commitment since the business was acquired by the Group seven years ago, and wish them every success in the future.
“We will remain focused on the core elements of our strategy, namely accelerating investment in technology and omnichannel initiatives for our two scale brands, DFS and Sofology, while ensuring our complimentary Dwell brand generates a consistent return. As the clear market leader with strong recognition of our brands, high showroom sales densities and advantageous vertical integration, we feel well-positioned to drive shareholder returns”
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