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DFS to sell Sofa Workshop for £300k
27th Aug 2020 09:37
(Sharecast News) - DFS Furniture said on Thursday that it has agreed to sell the Sofa Workshop to Halo Furnishings for £300,000.
The deal is conditional on regulatory approval from the Financial Conduct Authority, which is in progress and is expected to be received in due course.
Sofa Workshop had gross assets of £10.2m at 30 June 2019 and the business made a loss before tax of £2.9m. It is being sold on a cash, working capital and debt free basis.
"Following the disposal, the group will benefit from the reduction in the cash costs of funding Sofa Workshop's operating losses, elimination of the potential volatility in the profitability generated and it will allow the group to focus on executing the significant value creation opportunities in its core activities," DFS said.
The deal is conditional on regulatory approval from the Financial Conduct Authority, which is in progress and is expected to be received in due course.
Sofa Workshop had gross assets of £10.2m at 30 June 2019 and the business made a loss before tax of £2.9m. It is being sold on a cash, working capital and debt free basis.
"Following the disposal, the group will benefit from the reduction in the cash costs of funding Sofa Workshop's operating losses, elimination of the potential volatility in the profitability generated and it will allow the group to focus on executing the significant value creation opportunities in its core activities," DFS said.