DFS to sell Sofa Workshop to furniture rival Halo

DFS will offload the handmade furniture business, which it only acquired in 2013, for £300,000. 

In its most recent financial update, Sofa Workshop recorded a pre-tax loss of £2.9m in the 48 weeks to June 30, 2019. Its assets amounted to £10.2m.

Under DFS’ ownership, Sofa Workshop continued to trade as a standalone business and also launched shop-in-shops in a number of DFS stores.

Its new owner Halo Furnishings is a UK and Asia-based luxury furniture and lifestyle design group, which owns brands such as Timothy Oulton, Noble Souls and Outlaw.

DFS 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.

“After careful consideration, we have decided to sell Sofa Workshop to Halo. This transaction represents a great opportunity for Sofa Workshop and I’d like to thank all our colleagues for their hard work and commitment since the business was acquired by the group seven years ago and wish them every success in the future.”

Stacey said DFS will focus on “the core elements” of its strategy, accelerating its investments in technology and multichannel across its DFS and Sofology fascias.