Investment case

Unparalleled Scale

We are the largest upholstery retailer in the UK, over three times the size of our nearest competitor.

We gain valuable customer and market insight as well as significant economies of scale benefits across the value chain.

Exceptional People

We have over 55 years of expertise and recruit, train and retain individuals who we believe are the best in the industry.

The dedication, talent and loyalty of our colleagues who live our values day in, day out are what really drives this business forward.

Vertically integrated

We design, retail, manufacture, deliver and install and provide after-sales service.

We have full control of the customer journey and capture value across the supply chain.

Well invested platforms

Our sector-leading margins and high cash flow generation enable us to reinvest to make our business stronger.

Our well-invested websites and modern, well-located showrooms provide inspirational settings leading to market leading sales densities and our investment in technology and data provides a seamless customer journey across all channels, enabling operational efficiency and improved decision making.

Complementary brands

DFS and Sofology are two complementary retail brands that are household names and collectively target the majority of the market.

We have good growth opportunities in our core business through market share growth, market recovery potential and increasing the Sofology estate to 65 to 70 showrooms.

Highly cash generative model

The majority of the products we sell are made to order. We operate with negative working capital and our maintenance capital requirements of c.1.5% to 2% of revenue are relatively low, enabling us to reinvest in the business for growth and return funds to shareholders.

Home Market Opportunity

The wider home market is an attractive opportunity, expanding our total addressable market by £5bn.

We can utilise our existing assets and relationships, our showrooms, our websites, our exclusive brand partnerships and our data-led marketing strategy to gain market share efficiently.