DFS Furniture plc Acquisition of Sofology (8986W)
November 20 2017 - 2:33AM
UK Regulatory
TIDMDFS
RNS Number : 8986W
DFS Furniture plc
20 November 2017
20 November 2017
THIS STATEMENT CONTAINS INSIDE INFORMATION
DFS Furniture plc ("DFS" or the "Group")
Acquisition of Sofology
Further to our announcement on 3 August 2017 of the acquisition
of Sofology Limited ("Sofology") (the "Acquisition"), DFS welcomes
the announcement from the Competition & Markets Authority
("CMA") to allow the Group's acquisition of Sofology to proceed.
There were no conditions attached to the CMA decision. The
Financial Conduct Authority has also confirmed its clearance of the
Acquisition.
The Acquisition will complete at the close of business on 30
November 2017.
DFS CEO, Ian Filby commented:
"I'm delighted that we are able to complete this deal, which is
a big step for DFS towards achieving one of our strategic growth
aims of broadening our product and brand appeal. Sofology is a
fantastic business that takes great pride in the levels of service
and innovation it provides to customers and is a great addition to
our family.
This is an important and historic moment for both businesses,
our investment demonstrates the confidence we have in Sofology and
the wider Group. I look forward to working with Jason Tyldesley and
his team to continue this success."
DFS (enquiries via FTI) FTI Consulting
Ian Filby (CEO) Jonathon Brill
Nicola Bancroft (CFO) Georgina Goodhew
Mike Schmidt (Director of Eleanor Purdon
Corporate Finance)
+44 (0) 20 3727 1000
dfsfurniture@fticonsulting.com
Our combined business in numbers (as at 20 November 2017):
DFS - 109 stores & 5 factories in the UK, 4 stores in
Republic of Ireland, 6 stores in Netherlands and 2 stores in
Spain
Sofology - 40 stores
Dwell - 33 stores (30 co-located with DFS stores)
Sofa Workshop - 24 stores (9 co-located with DFS stores)
Annual Revenues:
(Latest publically published figures)
DFS, Dwell & Sofa Workshop combined revenues - GBP762.7m
(Financial year ending 29 July 2017)
Sofology revenues - GBP143m
(Financial year ending 31 December 2016)
Background - DFS
DFS is the market leading retailer of living room furniture in
the United Kingdom. We design, manufacture, sell and deliver to our
customers an extensive range of furniture products. The business
operates a retail network of living room furniture stores in the
United Kingdom and Europe, together with an online channel. These
have been established and developed gradually over 48 years of
operating history. We attract customers to our stores and website
through our substantial and continued investment in nationwide
marketing activities and our reputation for high quality products
and service, breadth of product ranges and price points and
favourable consumer financing options.
Background - Sofology
Sofology is a UK based living room furniture retailer with a
focus on upholstered furniture, now operating from 40 stores in the
UK. The business was founded in 1974 by Brian & Margaret
Tyldesley, who set-up Clayton Sales Rooms, which became CSL and
finally Sofology in 2016. The business has developed a strong brand
presence and prides itself on operating a relaxed and approachable
style of service in store, which customers really appreciate. CEO
Jason Tyldesley has led the business since 1996.
This information is provided by RNS
The company news service from the London Stock Exchange
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