DFS to float on London Stock Exchange
Sofa retailer DFS has announced plans to float on the London Stock Exchange.
The offer is expected to raise proceeds of around £105 million which will be used to reduce the company’s debt.
DFS operates 105 stores in UK, Republic of Ireland and the Netherlands. In the year to 1 November, the company recorded revenues of £674.6 million and adjusted EBITDA of £85.2 million.
According to Verdict, the retailer had a 25.7% share of the £3 billion upholstery market in 2014.
Ian Filby, DFS chief executive, said: “We see significant opportunity to further increase the group’s penetration in the UK, strengthen our position as the market leader for online upholstered furniture sales and we recently entered Continental Europe with the opening of our first store in the Netherlands.
“In recent years and under Advent’s ownership we have invested substantially in the infrastructure of our business to create a robust platform to support our future growth plans.
“We have a track record of strong financial performance, including consistently strong cash generation, which has enabled us to deliver outstanding shareholder returns. We look forward to continuing to grow profitably in a new period of public ownership.”
DFS also announced that Julie Southern has been appointed to the board as an independent non-executive director and chair of the audit committee.
