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Case Study

DFS Furniture diversifies funding sources and increases liquidity

DFS Furniture Plc, headquartered in Doncaster, is the UK’s leading retailer of upholstered furniture, operating over 170 stores nationwide across its DFS and Sofology brands.

Case Study

DFS Furniture diversifies funding sources and increases liquidity

DFS Furniture Plc, headquartered in Doncaster, is the UK’s leading retailer of upholstered furniture, operating over 170 stores nationwide across its DFS and Sofology brands.

At a Glance

Founded in 1969, DFS designs, manufactures, sells, and delivers a wide range of products including sofas, armchairs and recliners. The Pricoa team has maintained a regular direct calling relationship with DFS since early 2020. Our ability to offer longer-term, fixed-rate capital was attractive to DFS as a way to diversify the Company’s funding sources and increase liquidity, alongside the existing bank facility. As part of a wider refinancing process in 2023, we provided £50 million of private placement debt, split across 5- and 7-year bullet maturities.

DFS chose to partner with us given our differentiated capital offering, pre-existing relationship and consistency of coverage, which supported our deliverability.

We are excited to formalise our relationship with DFS through this investment, and we look forward to continuing to support the Company into the future.

Relationship since 2023
Transaction details:
  • £50,000,000 Senior Secured Notes
Meet the Team
“We are delighted to have completed the £50m transaction of private placement notes with Pricoa for an initial 5 & 7 year period. This partnership strengthens our debt structure alongside our renewed bank facility and supports the growth ambitions of the business over the medium to long term. The strong relationship we have been able to build with Pricoa over several years allowed both sides to execute the transaction with greater clarity and confidence.”
John Fallon, CFO DFS Furniture Plc

The Full Story

“Having built a strong relationship with DFS, we are delighted to formalise our partnership through an investment that enhances the Company’s diversity and availability of funding sources. We continue to have strong appetite to fund a wide range of corporates, while our patient and long-term approach allows us to provide capital at the right time for our borrowers.”
Adam Shield, Vice President Pricoa Private Capital

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Adam Shield
Vice President
+44 207 621 8435
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Yorkshire, North East, North West, & London

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