Lord Kirkham sells DFS
Sofa retailer DFS has today confirmed a sale to private equity firm Advent International in a deal said to be worth £500 million. It is believed that Lord Kirkham, the founder and owner of DFS, will walk away with around £300 after debts are repaid and there is no doubt he has done very well out of the transaction. Only two weeks ago it appeared that a sale of DFS was not on the cards with Lord Kirkham adamant that the company was not for sale.
The founder and executive chairman will be stepping down when the company is transferred to its new owners, bringing down the curtain on 40 years of involvement in the chain. The company has been floated on the stock market and then repurchased by Lord Kirkham and in the meantime become one of the UK's more prominent and more popular sofa retailers.
It is unclear what plans Lord Kirkham has for his £300 million windfall although in the words of the man himself, he was already "loaded" prior to the sale. The company held up very well during the recent economic turmoil, which is a testament to the company's services, products and ultimately its structure.
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