Buy It Direct in Furniture123 deal

ONLINE furniture retail business Furniture123 has been sold.

The Leeds-based business, launched 13 years ago, has been bought by £90m turnover online retail firm Buy It Direct.

Buy It Direct managing director Nick Glynne said: “Furniture123 is one of the best known names in online furniture retailing and acquiring the business makes sound strategic sense for us.

“We understand online retailing very well and are excited at the prospect of moving into the furniture sector.”

The deal sees Buy It Direct buy the domain name, website, stock, equipment and intellectual property of Furniture123 which has annual sales of £2.2m.

Furniture123 chief executive Julian Field: “We are pleased that Furniture123 has been acquired by a large and well-established online retailer.

“The synergies that Buy It Direct can bring to bear will ensure that Furniture123 will prosper in an increasingly competitive market.”