DFS owner sells £90m stake in retailer

THE owner of Doncaster-headquarted retailer DFS has sold a second major slice of its shareholding, 13 months after the company floated.

Private equity firm Advent International, which bought the firm from its founder Lord Kirkham in 2010, has sold shares worth £90m. The 14.1% stake follows the sale of 15% of the company, for £94.4m, last October.

DFS floated in March 2015 at 255p per share, having initially provided a target range of 245p-310p. It has since climbed upwards, and closed last night at 320p, although its share price was down 5% at 305p on opening today.

Advent now holds 24.1% of the company, which  was valued last night at £165m.

Settlement of the placing is expected to take place on April 12. Jefferies International and UBS acted as bookrunners and placing agents in relation to the placing.