A Swindon-based furniture retailer has been sold to an international company for an undisclosed sum, safeguarding its position in the UK and helping it realise its ambitious expansion plans.
Sofas UK, which has its headquarters in Cheney Manor, Swindon has been bought by the Kasen International Holdings, a leading upholstered furniture and leather products manufacturer based in China.
Sofas UK trades as Easyliving Furniture and employs around 180 people at 22 stores across Southern England.
Withy King Solicitors’ corporate services team based in Old Town, worked closely with Sofas UK in the negotiation of the deal. The team has also been advising them on company law and banking issues, trade mark issues and a range of employment matters.
Withy King’s commercial property lawyers have also been instrumental in helping the company negotiate leases and secure new Easyliving Furniture stores at Cribbs Causeway in Bristol, Gallagher Retail Park in Cheltenham, Designer Outlet in Swindon, Purley Way in Croydon and Cardiff Gate.
Alex Pyatt, head of the corporate team at Withy King in Swindon, said: “Sofas UK is bucking the trend set by other furniture retailers, many of whom are struggling and, in the case of Land of Leather, have gone into administration. It is satisfying to see that some companies are making the most of difficult times, and that they are continuing to see the benefit of working with professional advisers to overcome any challenges and help realise their plans for the future.”
Angus Williams, a partner in the commercial property team at Withy King, added: “The lower rental prices and favourable terms currently being obtained for retail premises in many parts of the UK provide ideal opportunities for expansion, as well as excellent long-term investment potential.”
Notwithstanding the sale to a new owner, Withy King will be continuing as the company’s legal advisers.
