DFS acquires Multiyork Stores
NEWS  >  DFS acquires Multiyork Stores
DFS store
4
Jan

DFS acquires Multiyork Stores

DFS has acquired eight stores and a number of other assets from competitor Multiyork Furniture, which entered administration at the end of 2017.

The Doncaster headquartered company has acquired eight leases, with six set to be convert to Sofa Workshop outlets and two becoming DFS stores. Staff at the stores have been offered roles with DFS.

Alongside the leases, the group 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 £1.2m.

Multiyork will continue to be traded by the administrators until 18 February 2018, under a licence from DFS, at which point trading under the brand will cease.

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."

Multiyork was founded in 1979 and called in insolvency specialists Allan Graham and Matt Ingram of Duff & Phelps on 22 November 2017.

At the time of the administration, the company had 50 stores across the UK and employed 550 staff. As part of a wind down process, 112 redundancies have been made at the company's headquarters and manufacturing facility in Norfolk.

original source