DFS Furniture has agreed to sell The Sofa Workshop, one of its premium brands which has a number of London branches.
The retailer said one of its subsidiaries has agreed a £300,000 disposal of The Sofa Workshop to luxury furniture group Halo Furnishings.
It comes seven years after it first bought the business. The Sofa Workshop has London sites in Tottenham Court Road, Battersea and Chiswick, as well as number of shops in the home counties.
The Sofa Workshop made a pre-tax loss of £2.9 million in the 48 weeks to June 30. DFS Furniture said that following the disposal it will benefit from the reduction in the cash costs of funding the operating losses, and the sale will allow it to “focus on executing the significant value creation opportunities in its core activities”.
DFS Furniture’s chief executive Tim Stacey said: "Over the course of the past few months we have reviewed our strategy and plans across the group with a focus on ensuring our brands are in the best possible position to support the group in maximising its return on capital.”
He added: “After careful consideration, we have decided to sell Sofa Workshop to Halo.”
His firm will concentrate on its other brands including DFS and Sofology.
