British sofa retailer DFS Furniture plc said Dec. 27 that it is set to acquire the assets of sofa maker Multiyork Furniture Ltd., including eight store leases and intellectual property rights, for a total consideration of £1.2 million.
DFS said the transaction is primarily intended for its subsidiary Sofa Workshop. Six stores included in the deal will be converted to Sofa Workshop stores, while the remaining two will become DFS stores. Multiyork store employees were given offers to continue working at the locations for DFS.
The intellectual property being purchased from Multiyork includes the company's trademark, product designs, domain names and marketing databases.
Multiyork, which is under administration, will continue trading until Feb. 18, 2018, under a license from DFS.
The deal comes less than a month after DFS completed its acquisition of specialist sofa retailer Sofology.