DFS shares rise after sofa giant is cleared for £25 million Sofology deal
SHARES in DFS sat pretty after the competition watchdog waved through the sofa firm’s £25 million swoop for smaller rival Sofology.
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The UK’s largest furniture retailer rose just shy of 1 per cent after the Competition and Markets Authority cleared the deal.
The tie-up, which is expected to hand DFS £4 million in cost savings, is set to be completed by November 30.
It comes as a real boost after DFS announced pre-tax profits were down 22 per cent to £50.1 million in the year to July 29 due to the struggling pound and falling consumer confidence.
DFS Chief Executive Ian Filby said: "I'm delighted that we are able to complete this deal, which is a big step for DFS towards achieving one of our strategic growth aims of broadening our product and brand appeal.
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I'm delighted that we are able to complete this deal, which is a big step for DFS towards achieving one of our strategic growth aims of broadening our product and brand appeal
"Sofology is a fantastic business that takes great pride in the levels of service and innovation it provides to customers and is a great addition to our family.
"This is an important and historic moment for both businesses, our investment demonstrates the confidence we have in Sofology and the wider group.
"I look forward to working with Jason Tyldesley and his team to continue this success."
Revenue had edged up just 0.9 per cent to £762.7 million.
