DFS acquires fellow sofa retailer
Sofology is a private equity-backed specialist sofa retailer with a UK network of 37 stores. The company reported revenue of £143m last year, as well as a loss of £2.7m with statutory loss before tax of £8.9m over the same period. This was in part caused by the exchange rates on costs and the disruption following a Sofology rebrand.
Previously, the Business Growth Fund previously invested £10m into Sofology in March 2016 for a minority interest to support the company's UK expansion plans.
Ian Filby, chief executive of the Doncaster-headquartered DFS Furniture, said: "While the UK 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.
He went on to praise Sofology's unique market position and the excellent management by its team, who he says he looks forward to working with in the future.
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