DFS Furniture plc

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DFS-Furniture-2012.svg
DFS Furniture is a UK-based furniture retailer, engaged in designing, manufacturing, marketing and retailing a range of sofas and other upholstered and non-upholstered furniture products.
DFS operates ~100 retail stores in the UK, the Republic of Ireland, the Netherlands, Spain, an online channel, and ~3 upholstery factories in the UK. The company has a group market share of 34%, three times that of its nearest competitor.2019

Brands

Company

Shareholders

Total float: 98.2%
Source: MarketScreener.svg, May.2020

Timelines

ToDo: DFS-Online.co.uk/Archive-org-sm.svg

DFS Furniture

  • Jan.2018:
    MultiYork-2003.svgDeals-Arrow-Left.svg
    #Multiyork Furniture Ltd: various assets and intellectual property was acquired from the administrators. The operations were hived up into Sofa Workshop.[1][2]
  • Aug.2017:
    Sofology.svgDeals-Arrow-Left.svg
    #Sofology Ltd, the 3rd largest retailer of sofas in the UK, was acquired.
  • Feb.2017:
    Advent-International.svgDeals-Arrow-Right.svg
    Advent International divested its remaining 15% shareholding.[3]
  • 2017: Brand Partnerships: a brand partnership with Joules Group plc was launched, designing, making and retailing upholstery products exclusively for the Joules brand.
  • Oct.2015: Advent International reduced its shareholding by 15%, retaining a 38.2% stake.[4]
  • Mar.2015:
    London-Stock-Exchange.svg
    DFS Furniture plc: the company re-registered as a public limited company, and was listed on the London Stock Exchange, in an attempt to reduce its debt.[5][6]
  • 2015:
    Flag-Spain.svg
    DFS acquired a Spanish business, and opened its first official store in San Javier, Spain. dfsSpain.com
  • Aug.2014:
    Dwell-2002.svgDeals-Arrow-Left.svg
    #Dwell, a contemporary brand targeting younger, more urban consumers, was acquired,ref bringing another 33 stores into the DFS fold.[7]
  • 2014:
    Flag-Netherlands.svg
    DFS entered Continental Europe, opening its first store in the Netherlands. dfs-Banken.nl
  • Nov.2013:
    Sofa-Workshop-2000.svgDeals-Arrow-Left.svg
    #Sofa Workshop Ltd, an upmarket upholstery and furniture retailer with 14 stores, was acquired.[8][9]
  • 2012: Brand Partnerships: Exclusive brand partnerships are launched with Country Living, House Beautiful, French Connection and G-Plan.
  • 2012:
    Flag-Ireland.svg
    entered the Republic of Ireland, opening two stores in Dublin and Cork. dfs.ie
  • Apr.2010:
    Advent-International.svgDeals-All-Change.svg
    Advent International Corporation, a privately-held American venture capital and private equity firm, bought the company,[10] one month after founder Graham Kirkham had categorically stated he was not interesting in selling the business.[11]
  • 2004:
    DFS-Furniture-2003.svg
    DFS Furniture Company Ltd: with increasing market competition from M&S, Argos, Next, MFI, et al, DFS lost market share.[12] Fearing predatory private equity firms, the Kirkham family took the business private again.[13]
  • Nov.1993:
    London-Stock-Exchange.svg
    DFS Furniture Company plc floated on the London Stock Exchange.
  • Oct.1993:
    DFS-Furniture-1993.svg
    DFS Furniture Company plc: the company renamed itself in light of the increasing number of DFS stores within the group, and re-registered as a public limited company.[14]:Oct.1993 By this time, there were 24 stores, 19 of which traded as "DFS", 5 trading as "Northern Upholstery"; and 3 more trading as "The Dining Centre".[14]:Nov.1993
  • Feb.1988: Northern Upholstery Group Ltd: the company changed its name, transferring in various companies owned by the Kirkham family: Arcoeast Ltd, New DFS Furniture Ltd (was Arcobridge Ltd), Galegrove Ltd, CF Ward Ltd, Northern Upholstery Ltd (was New DFS Furniture Ltd).[14]:Jul.1987
  • 1983: Direct Furnishing Supplies, a Midlands-based business founded by the Hardy Family in 1969, failed. Its business and assets were acquired from the receivers. (DFS Furniture Ltd?)
  • 1979: The Dining Centre: the first store was opened selling dining room furniture.[14]:Nov.1993
  • 1969: Northern Upholstery Ltd, previously known as Milestone Furniture Ltd, was formed by Graham Kirkham when he started making furniture above a snooker hall in Carcroft, near Doncaster, and retailing it downstairs.[15] OpenCorporates-sm.svg

Additional Sources: Our History. DFS Corporate. Accessed Apr.28.2020.

Sofa Workshop Ltd

Sofa-Workshop-2017.svg
Sofa Workshop is a manufacturer and retailer of bespoke handmade furniture, headquartered in Godalming, Surrey. Products include sofas, chairs, footstools, cushions, and made-to-measure curtains. The company has 29 shops throughout the UK.[Apr.2020]

  • Oct.2013:
    DFS-Furniture-2012.svgDeals-All-Change.svg
    DFS Furniture Ltd acquired Sofa Workshop.[16]:Dec.2013[8][17]
  • Mar.2011: Sofa Workshop Ltd: Erewash Upholstery Ltd changed its name.[16]
  • Jan.2009: Erewash Upholstery Ltd,OpenCorporates-sm.svg financed by a consortium of investors including Sofa Workshop founder Andrew Cussins, bought part of the business from the administrator, including the brand, the website, and 10 stores; the other 20 were earmarked for closure, losing 120 jobs.[18][19]
  • Dec.2008: Sofa Workshop filed a notice of intention to appoint an administrator,[20] whilst discussions on refinancing the business took place.[21]
  • May.2008: New Heights went into administration,[22] but a consortium of Sofa Workshop's shareholders purchased five of its stores.[23] Sofa Workshop was unaffected by New Heights' collapse.
  • Oct.2006:
    New-Heights.pngDeals-All-Change.svg
    New Haven Associates, t/a New Heights, an upmarket furniture chain, bought Sofa Workshop from MFI Group Ltd at auction.[24][25] Financing for the acquisition was partly provided by New Height's shareholders, which included Tony and Lisa WilkinsonWikipedia-W.svg, owners of general goods giant Wilko Retail Ltd.[24] New-Heights.co.ukArchive-org-sm.svg
  • Aug.2006: Sofa Workshop Direct: MFI Group Ltd closed the direct-to-customer arm; the sofa manufacturing facility at Llantrisant, South Wales ceased production, and was closed in Nov.2006.[26][27]:Dec.2006
  • Nov.2002:
    MFI-2002.svgDeals-All-Change.svg
    MFI Group Ltd purchased Sofa Workshop and its 35 stores[27]:Dec.2002 from founder Andrew Cussins and Piper PE (which made a 6x return).[28] Andrew Cussins left a few months later, to found an new startup, Sofas & Stuff.[29]
  • 2000: MFI Group Ltd and Sofa Workshop rolled out a trial of its ranges, with "shop-in-shops" in eight MFI stores.[30]
  • 1998:
    Sofa-Workshop-Direct-2000.svg
    Sofa Workshop Direct: the company entered the direct-to-customer market with a mail-order arm offering less expensive models.[31] SofaWorkshopDirect.co.ukArchive-org-sm.svg
  • 1991:
    Piper-Private-Equity.png
    Piper PE LLP,OpenCorporates-sm.svg a London-based private equity firm, provided development capital in return for a substantial minority stake. The funding was used to roll out retail stores.[30]
  • Dec.1985:
    Sofa-Workshop-2000.svg
    Sofa Workshop Ltd: Andrew Cussins, whose family owned the furniture business Maple, Waring & Gillow, opened the first store in Maidstone, Kent.[28] OpenCorporates-sm.svg

Advent International/DFS Furniture/Sofa Workshop, The Sofa Workshop Holdings Ltd + The Sofa Workshop Direct Holdings Ltd + The Sofa Workshop Ltd.[27]:Dec.2002 The Sofa Workshop Holdings Ltd + The Sofa Workshop Direct Holdings Ltd + The Sofa Workshop Ltd.[1]:Dec.2002 SofaWorkshop.co.ukArchive-org-sm.svg, SofaWorkshop.comArchive-org-sm.svg


[27] [30] [28] [25] [24] [19] [18] [16] [31] [8] [17] [20] [21] [22] [23] [26] [29]

Sofology Ltd

Sofology.svg
Sofology is a Wigan, UK-based living room furniture retailer of upholstered furniture which, at its height, had 40 stores. The business was founded in 1974 as "Clayton Sales Rooms" by Brian & Margaret Tyldesley; it then went through a series of name changes: CS Upholstery Ltd (Dec.1983); CS Lounge Suites Ltd, t/a "CSL Sofas" (Oct.1990); SofaWorks Ltd (Dec.2013); Sofology Ltd (Feb.2016-). OpenCorporates-sm.svg

  • Nov.2017:
    DFS-Furniture-2012.svgDeals-All-Change.svg
    DFS Furniture Ltd acquired the firm and its 37 stores across the UK.[32][33] The Competition & Markets Authority ratified the deal in Nov.2017.
  • Mar.2016:
    Business-Growth-Fund.svg
    Business Growth Fund Ltd,OpenCorporates-sm.svg an investment group owned by HSBC, RBS, HBOS#Uberior Investments (HBOS's private equity arm), Barclays, and Standard Chartered, acquired a minority interest in the company in return for a £10m growth capital investment.[34] BGF Group plc. OpenCorporates-sm.svg
  • Feb.2016, Sofaworks re-branded to Sofology, following the loss of a court case against a competitor who argued that the Sofaworks name infringed on one of its owned brands.ref
  • Jun.2015: Sofology Ltd: SofaWorks was forced to rename itself after a High Court ruled that its brand name was too similar to that of DFS-owned #Sofa Workshop Ltd.[35]
  • Dec.2013: SofaWorks Ltd: CSL Sofas re-branded itself.[36]
  • 2004: The company ceased sofa manufacture in the UK, citing that it could source products in Europe, Eastern Europe, the USA and the Far East at better value.[37]
  • Oct.1990: CSL Sofas: after trying out "The Sofa Works (UK) plc" and "Sofas UK plc",OpenCorporates-sm.svg CS Lounge Suites Ltd adopted "CSL Sofas" as its the trading name.
  • Nov.1984: CS Lounge Suites Ltd: the company was renamed to reflect its move into specialist sofa retail and manufacture, after including catalogue seconds lounge furniture.
  • 1974: Clayton Sales Rooms Ltd, an auction house based in Clayton-le-Moors, Accrington, Lancashire, was founded by Brian & Margaret Tyldesley. OpenCorporates-sm.svg

[32] [33] [34] [35] [36] [37]

Dwell

Dwell-2002.svg
Dwell is a UK furniture retailer, which creates and sells furnishings that combine aspirational design with affordable pricing, targeting affluent young professionals. Product lines include home-furnishings such as china, glassware, and metalware for kitchen and table use.
Dwell was established in 2002 as a mail-order business, opening its first store in London the following year. The death knell tolled for the company in 2012 after a disastrous experience with private equity firm Key Capital Partners LLP in 2012. The original founders rescued the remnants, but sold out to DFS Furniture in Aug.2014.

  • Aug.2014:
    DFS-Furniture-2012.svgDeals-All-Change.svg
    DFS Furniture Ltd took over Dwell.[7]
  • Feb.2014: Dwell announced it had entered into a marketing partnership with larger retailer, DFS Furniture.
  • Jul.2013: Coin Furniture LtdOpenCorporates-sm.svg was formed by the original founders, in an attempt to save the brand, and jobs. Coin took the brand out of administration, and re-launched it with 5 stores and the website.[38]
  • Jun.2013: Key Capital Partners put a new management team in place, but things didn't go smoothly.[39] By mid-2013, Dwell had net debt of £6.1m, as well as £11.7m of debt due for repayment during the next 12 months.[40] Dwell Retail Ltd went into administration shortly thereafter.[41]
  • Nov.2012:
    Key-Capital-Partners.svg
    Key Capital Partners LLP acquired control of the company, and the founders Aamir Ahmad, his father Faizan Ahmad, Sean Galligan and Dave Garrett all left the business.[42]
  • Sept.2010:
    Key-Capital-Partners.svgBloodsucker.svg
    Key Capital Partners LLP,OpenCorporates-sm.svg a Leeds-based private equity firm, acquired a 30% interest in Dwell in return for £5m in expansion financing.[43] Key Capital announced ambitious expansion plans.[44][45]
  • 2003: The first store was opened in Balham, London, designing and selling its own range of furniture and accessories. The company swiftly grew to become a chain of 39 stores.
  • May.2002: Dwell Retail Ltd, a mail-order furniture business, was established by Aamir Ahmad, Sean Galligan and Dave Garrett. OpenCorporates-sm.svg
Additional Sources: Our History. Dwell. Accessed Apr.28.2020.

[46] [45] [40] [44] [41] [42] [43] [39] [38]

Multiyork Furniture Ltd

MultiYork-2003.svg
Multiyork was a privately-owned British furniture retailer, based in Thetford, Norfolk. The company employed ~550 people in 50 stores across the UK, and at its factory and head office in Thetford. DFS bought the brand and some assets in Dec.2017, retaining only 35 jobs.[47]

  • The Mill at Mellis was bought by "Colin & Kate", who retail furniture and accessories from the old building. TheMillAtMellis.com
  • Dec.2017:
    DFS-Furniture-2012.svgDeals-All-Change.svg
    DFS Furniture Ltd reached an agreement with the administrators to purchase the Multiyork brand, eight stores, and various intellectual property assets. Six stores reopened as Sofa Workshop, with the other two becoming DFS branches.[48][49]
  • Nov.2017: Administration: MultiYork, along with its sister company Feather & Black, were put into administration by their majority owner, Wade Furniture Group Ltd.[50][51][52] Feather & Black was acquired in Dec.2017 by Swedish manufacturer Hilding Anders AB.
  • Feb.1995: Wade Furniture Group Ltd, owned by tycoon Charles Wade, purchased MultiYork and its 28 stores out of receivership.[53] OpenCorporates-sm.svg
  • Aug.1978: MultiYork was founded, initially operating in the Old Mill in the small village of Mellis, Suffolk. The firm built hand-crafted tailor-made furniture.[54] OpenCorporates-sm.svg

[47] [48] [49] [50] [51] [52] [53] [54] [1][2] [3] [4] [5] [6] [8] [9]

References

  1. ^ a b Acquisition of Assets by Sofa Workshop and DFS. The Financial Times, Dec.27.2017.
  2. ^ a b DFS Acquires Multiyork Stores. Insider Media Ltd., Jan.02.2018.
  3. ^ a b Advent sells stake in DFS for £58.5m. Elias Jahshan, Retail Gazette, Feb.10.2017.
  4. ^ a b Advent sells 15 per cent DFS stake. Laurence Kilgannon, Insider Media Ltd, Oct.22.2015.
  5. ^ a b Furniture chain DFS returns to stock market. BBC News, Mar.06.2015.
  6. ^ a b DFS Furniture eyes £585m valuation from IPO. Denise Roland, Graham Ruddick, The Telegraph, Feb.23.2015.
  7. ^ a b DFS acquires Dwell. Victoria Noakes, Furniture News, Aug.20.2014.
  8. ^ a b c d DFS acquires Sofa Workshop to appeal to aspirational shoppers. Nicola Harrison, Retail Week, Oct.31.2013.
  9. ^ a b DFS acquires aspirational brand. Insider Media Ltd, Nov.01.2013.
  10. ^ DFS sofa chain sold to private equity firm. BBC News, Apr.23.2010.
  11. ^ Advent International buys DFS. Reuters, Apr.22.2010.
  12. ^ Increased and final offer. Graham Kirkham, Investegate, Sept.02.2004.
  13. ^ DFS Accepts Founder's Bid. The New York Times, Jul.23.2004. Original archived on Oct.23.2012.
  14. ^ a b c d DFS Furniture Company Ltd. Various filings. Companies House. Accessed Apr.2020.
  15. ^ Sofa king sitting pretty on £315m pile. The Star, Oct.22.2002. Original archived on Oct.31.2002.
  16. ^ a b c The Sofa Workshop Ltd. Formerly: Erewash Upholstery Ltd (Sept.2008-Apr.2011). Companies House. Accessed Apr.2020.
  17. ^ a b DFS Acquires Aspirational Brand. Insider Media Ltd, Nov.01.2013.
  18. ^ a b Sofa firm saved but 120 jobs lost. BBC News, Jan.30.2009.
  19. ^ a b Administrators sell Sofa Workshop to founder. James Thompson, The Independent, Jan.30.2009. Original archived
  20. ^ a b Furniture firms in fight for survival. Zoe Wood, The Guardian, Jan.08.2009.
  21. ^ a b Sofa Workshop in last-ditch talks as high street suffers. James Thompson, The Independent, Jan.09.2009.
  22. ^ a b Another furniture retailer goes into administration. Property Week, May.14.2006.
  23. ^ a b New lows for New Heights, but five shops saved. Retail Week, May.16.2008.
  24. ^ a b c New Heights: Toby Ash. See also: Toby Ash: New Heights, Feb.20.2012; Brand Builders: New Heights, Nov.24.2004 and New Heights to open sixth store, Aug.25.2002. Toby Ash, Startups, Aug.14.2007. Original archived on May.05.2020.
  25. ^ a b Sofa Workshop on brink of administration. James Thompson, The Independent, Jan.08.2009.
  26. ^ a b 323 jobs set to go at sofa plant. BBC News, May.28.2006.
  27. ^ a b c d Howdens Joinery Group plc. Formerly: Galiform plc (Oct.2006-Sept.2010); MFI Furniture Group plc (Dec.1987-Oct.2006); Maxirace Ltd (May.1987-Dec.1987). OpenCorporates-sm.svg Companies House. Accessed Apr.2020.
  28. ^ a b c Andrew Cussins on responding to customers’ wants. Startups, Feb.08.2012.
  29. ^ a b Profit up 40% for £12.3m Sofa Workshop. Furnishing Report, May.27.2011. Original archived on Jun.30.2011.
  30. ^ a b c Sofa Workshop. Piper PE LLP. Original archived on May.05.2020.
  31. ^ a b Indy/Life: Mail Order Sofas and Beds. Fiona Brandhorst, The Independent, Feb.27.1999. Original archived on May.05.2020.
  32. ^ a b DFS poised to acquire Sofology in £25m deal. Elias Jahshan, Retail Gazette, Aug.03.2017.
  33. ^ a b DFS Furniture and Sofology couch their differences over branding by agreeing takeover deal. Renae Dyer, Proactive Investors, Aug.03.2017.
  34. ^ a b BGF invests £10m growth capital in Sofology. BGF News, Business Growth Fund, May.17.2016. Original archived
  35. ^ a b Sofaworks faces potential rebrand as court finds in favour of DFS-owned The Sofa Workshop. Paul Farley, Furniture News, Jun.29.2015.
  36. ^ a b CSL breaks £100m barrier and rebrands as Sofaworks. Paul Farley, Furniture News, Dec.18.2013.
  37. ^ a b About CSL CSL Sofas. Original archived on Aug.16.2007.
  38. ^ a b Furniture retailer Dwell to reopen. BBC News, Jul.03.2013.
  39. ^ a b Dwell customers face uphill battle to recoup £5m following collapse. Graham Ruddick, Ben Martin, The Telegraph, Aug.24.2013.
  40. ^ a b Furniture retailer Dwell close to collapse. Graham Ruddick, The Telegraph, Jun.11.2013.
  41. ^ a b Dwell collapse puts jobs and customer deposits at risk. Graham Ruddick, Rebecca Clancy, The Telegraph, Jun.20.2013.
  42. ^ a b Dwell founder Aamir Ahmad steps down as managing director. Tiffany Holland, Retail Week, Nov.14.2012.
  43. ^ a b Dwell Retail Midco Ltd. Companies House, Jan.28.2011.
  44. ^ a b Key Capital Partners makes £5 million investment in Dwell. Business Live, Sept.01.2010.
  45. ^ a b KCP becomes part of the furniture with Dwell. Cambridge Network, Aug.31.2010. Original archived on Nov.30.2010.
  46. ^ Portfolio. Key Capital Partners LLP. Original archived on Dec.16.2010.
  47. ^ a b Reports sheds light on MultiYork collapse. Storm Rannard, Insider Media Ltd, Jan.30.2018.
  48. ^ a b DFS buys assets from failed Multiyork. BBC News, Dec.28.2017.
  49. ^ a b DFS snaps up Multiyork stores and assets in £1.2m deal. Belfast Telegraph, Dec.27.2017.
  50. ^ a b No Christmas cheer as more than 100 jobs go at Leicestershire owned Multiyork Furniture. Tom Pegden, Leicestershire Live, Dec.13.2017.
  51. ^ a b Furniture tycoon Charles Wade lines up Feather & Black sale. Oliver Shah, The Times, Sept.24.2017.
  52. ^ a b Multiyork collapse puts 550 jobs under threat. Mary-Ann Russon, BBC News, Nov.11.2017.
  53. ^ a b Feather & Black falls into administration in further gloom for furniture retail. Ashley Armstrong, The Telegraph, Nov.27.2017.
  54. ^ a b Multiyork. The Worshipful Company of Furniture Makers. Original archived on Jan.08.2017.