Article | Helping to position our clients in key markets
27th August 2020
Eversheds Sutherland has advised DFS Furniture Company Limited (DFS) on its agreement to sell the entire issued share capital of The Sofa Workshop Limited, a wholly owned subsidiary and premium UK sofa retailer, to Halo Furnishings Limited (Halo).
The business 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.
The deal is conditional on regulatory approval from the FCA which is in progress and is expected to be received in due course.
The Eversheds Sutherland team was led by corporate Partner Amanda Partland and comprised: Partners Colin Askew (tax), Ronald Paterson (financial services), George Bacon (real estate), Louise Lightfoot and Simon Rice-Birchall (both employment), Principal Associate James Ruane (commercial), Senior Associates Jonathan Wharam (corporate) and Tom Haigh (real estate), Associates Beckie Wrend, Elena Petkova (both corporate), Stewart McLay (financial services), Alexandra Emery and Samuel Caunt (intellectual property) and Heather Paterson (commercial).
The global law firm provided advice on all aspects of the transaction.
Amanda Partland, Eversheds Sutherland, said:
"This transaction will enhance DFS’ agility, focus and position in an increasingly competitive market. We’re delighted to have supported, and we look forward to continuing to work with the team in the future.”
Mike Schmidt, Chief Financial Officer, DFS, commented:
“Having advised us on a number of strategic and complex transactions, Eversheds Sutherland continues to provide us with tailored solutions to ensure success. Once again, we’re delighted with the outcome of this transaction, the project management of which, and the technical legal excellence brought by the team, were second to none.”
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