Business Services Industry
London-Based MFI Furniture Group Acquires Upholstery Chain.
Knight Ridder/Tribune Business News, November, 2002
Daily Mail, London Knight Ridder/Tribune Business News
Nov. 5--Furniture group MFI found a comfy deal paying UKpound 12.2 million for upholstery chain Sofa Workshop. MFI has been selling some of the Workshop range in a handful of its 192 UK stores since February.
Chief executive John Hancock said: "Upholstery sales are worth UKpound 2.6 billion. Workshop will allow us to accelerate our roll-out into this area of the market." West Sussex-based Workshop, with 23 outlets, earned profits of UKpound 1.2 million onUKpound 33 million sales last year. It was started in 1985 by Andrew Cussins, who has a controlling stake.
MFI, which also runs the 256-strong Howdens chain of builders and contractors, finished 2 pence easier at 130 pence.
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