DFS purchase of assets of failed Multiyork

Multiyork

DFS Furniture that has purchased from the rental shop and other assets of the opponent’s mistake, Multiyork.

Multiyork, based in Thetford, Norfolk, there were 50 shops and went into administration at the end of November, blaming difficult trading conditions.

In a deal worth £1.2 m, DFS is purchasing eight store leases, the Multiyork brand, product designs and marketing databases.

The staff working in the eight Multiyork branches will be offered jobs in the DFS.

Six of the eight stores that will be converted to trade under the Sofa Workshop brand and the other two will become the DFS stores.

The administrators of Multiyork not say what would happen with the rest of the stores or of the company’s factory in Thetford.

As well as the Sofa Workshop chain, DFS is owner of Dwell, and has recently completed the purchase of Sofology.

Commenting on the latest agreement, Gill Stewart, executive director, Sofa Workshop, said: “We are delighted to have this opportunity to expand our network of stores, offering customers a local presence where you can experience the Sofa Workshop exclusive range of modern luxury, with hand-made furniture.”

“We are very eager to welcome you to the companions of sales Multiyork as part of our network of experienced store teams,” he said.

In October, DFS reported a 22% drop in profits, blaming a “very difficult” market.