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Furniture Retailing - UK - August 2011

Far from all consumers have stopped buying furniture and the report identifies which consumers are active, what they are looking for in furniture and what they expect of the retailers they intend buying from. It is critically important that retailers address these factors as they attempt to protect profitability in a market characterised by lower levels of consumer activity.

This report covers the retailing of the following types of furniture:

Living and dining room furniture
Kitchens
Bedrooms including beds and mattresses
Bathroom furniture
Home office furniture.

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Table of contents

  1. Introduction

      • Definitions
        • Abbreviations
        • Executive Summary

            • The market
              • Figure 1: UK retail sales of furniture, 2006-16
            • Slow recovery in the furniture market
              • Replacement furniture under pins the market
                • Market factors
                  • Companies, brands and innovation
                    • More failures likely but profitable opportunities for strong brands
                      • Specialists under pressure
                          • Figure 2: UK retail sales of furniture*, by channel of distribution, 2010
                        • Looking overseas
                          • The consumer
                            • Major brands strongly attractive to consumers
                              • Purchasing activity constrained by financial worries and limitations
                                • Consumers are promotionally driven
                                    • Figure 3: Factors considered important when choosing to buy furniture, June 2011
                                  • Multi-channel research becoming widespread
                                    • Figure 4: Shopping behaviour for furniture, June 2011
                                  • What we think
                                  • Issues in the Market

                                      • Who’s purchasing ‘big ticket’ furniture and what do they want?
                                        • How should retailers adapt to changing demand?
                                          • How can specialists survive encroachment from non-specialists?
                                            • Is there a need to improve credibility of promotional activity?
                                              • What’s the future for retail selling space?
                                              • Future Opportunities

                                                  • Trend: Greeninfluencers
                                                    • Trend: Slow It All Down
                                                    • Internal Market Environment

                                                      • Key points
                                                        • Purchasing activity continuing to decline
                                                          • Figure 5: Penetration and purchasing of furniture, by major furniture categories, 2006-10
                                                          • Figure 6: Consumer Price Indices for furniture and furnishings, Jan 2009-May 2011
                                                        • Failures continue
                                                          • Company failures since mid-2010:
                                                            • Companies reporting losses in 2009/10:
                                                              • Companies closing stores since mid-2010:
                                                                • End of an era for several independents
                                                                  • Plenty of evidence of profit recovery
                                                                    • New opportunities and expansion
                                                                      • Green shoots at grass roots
                                                                        • Anyway back for MFI?
                                                                          • Imports dominate UK wooden furniture market
                                                                            • Figure 7: Overseas trade in wooden furniture for the kitchen and bedroom, 2006-10
                                                                            • Figure 8: Source of imports of wooden furniture for the kitchen and bedroom, by country, 2006-10
                                                                          • Sustainability rising up consumers’ agenda
                                                                          • Broader Market Environment

                                                                            • Key points
                                                                              • Furniture underperformed in 2010
                                                                                • Sluggish housing market stifling demand
                                                                                  • Figure 9: Housing Transactions – Q1 2008-Q1 2011
                                                                                  • Figure 10: House Prices – Jan 2008-June 2011
                                                                                • Smaller homes affecting demand
                                                                                    • Figure 11: Number of different types of room in the home, 2006-10
                                                                                  • Debt reduction means no equity withdrawal
                                                                                    • Figure 12: Housing equity withdrawal, 2008 Q1-2010 Q4
                                                                                  • Exposure to weak Pound
                                                                                    • Figure 13: Trends in exchange rate between the US Dollar and euro and Sterling, Monthly Average – Jan 2008-May 2011
                                                                                  • Growth in household numbers a boost
                                                                                    • Figure 14: UK households, by size, 2006-16
                                                                                  • Population trends favourable
                                                                                      • Figure 15: Trends in the age structure of the UK population, 2006-16
                                                                                    • Aspirational ABs a prime market
                                                                                      • Figure 16: Forecast adult population trends, by socio-economic group, 2006-16
                                                                                    • Stimulating demand through inspiring ideas
                                                                                      • Figure 17: Agreement with selected lifestyle statements, 2006-10
                                                                                  • Competitive Context

                                                                                    • Key points
                                                                                      • Big ticket household purchases struggling
                                                                                        • Figure 18: Comparison of sales of furniture with other household markets, 2006-11
                                                                                      • Furniture not a high spending priority
                                                                                        • Figure 19: Expenditure priorities, 2007-11
                                                                                    • Strengths and Weaknesses in the Market

                                                                                      • Strengths
                                                                                        • Weaknesses
                                                                                        • Who’s Innovating?

                                                                                          • Pop-up for profit
                                                                                            • Design credibility
                                                                                              • Aspirational products need aspirational selling space
                                                                                                • Laura Ashley looking to become a leader in home interior design
                                                                                                  • Fold-out flexibility
                                                                                                    • Cluster power
                                                                                                      • Keep talking
                                                                                                        • Looking overseas
                                                                                                        • Market Size and Segmentation

                                                                                                          • Key points
                                                                                                            • Furniture badly affected in last two years
                                                                                                              • Figure 20: UK retail sales of furniture, 2006-11
                                                                                                            • Living rooms a priority
                                                                                                              • Consumers looking for greater flexibility
                                                                                                                • Kitchens expected to grow
                                                                                                                  • Installed furniture is a potential growth area
                                                                                                                    • Home office declining
                                                                                                                      • Trends and forecast
                                                                                                                        • Figure 21: UK retail sales of furniture* at current and constant prices, 2006-16
                                                                                                                      • No significant improvement forecast for 2011
                                                                                                                        • Period of sustained uncertainty
                                                                                                                          • Figure 22: UK retail sales of furniture, 2006-16
                                                                                                                      • Retail Competitor Analysis

                                                                                                                        • Key points
                                                                                                                          • IKEA aims to extend its lead
                                                                                                                            • DFS and ScS both gaining share in upholstery
                                                                                                                              • Expanding multi-brand Steinhoff offers complete furnishing package
                                                                                                                                • Not all fitted furniture retailers benefited from the demise of MFI
                                                                                                                                  • Bed specialist Dreams expanding range and stores
                                                                                                                                    • Furniture Village growth based on improving its offer
                                                                                                                                      • Bathstore restructuring pays off
                                                                                                                                        • Figure 23: Leading UK furniture retailers, 2010/11
                                                                                                                                      • Non-specialists striving for better returns from furniture and homewares
                                                                                                                                        • DIY stores share gains driven by sales of fitted kitchens
                                                                                                                                          • Major specialist multiples gained share in a depressed market
                                                                                                                                            • Figure 24: Estimated market shares, by value of leading retailers in UK furniture market, 2006-10
                                                                                                                                          • Mixed performance among smaller specialists
                                                                                                                                          • Channels of Distribution

                                                                                                                                            • Key points
                                                                                                                                              • Specialists losing share
                                                                                                                                                • Figure 25: UK Retail sales of furniture, by channel of distribution, 2006-10
                                                                                                                                              • Non-specialists gaining share
                                                                                                                                                • DIY stores kitchen business driving share growth
                                                                                                                                                  • Home shopping of growing importance
                                                                                                                                                    • ‘Others’ benefiting from weakness among specialists
                                                                                                                                                    • Retailer Profiles

                                                                                                                                                      • DFS
                                                                                                                                                          • Figure 26: DFS, financial performance, 2006-10
                                                                                                                                                          • Figure 27: DFS: Outlet data, 2006-10
                                                                                                                                                        • Dreams
                                                                                                                                                            • Figure 28: Dreams, financial performance, 2006-10
                                                                                                                                                            • Figure 29: Dreams Plc: Outlet data, 2006-10
                                                                                                                                                          • HomeForm Group
                                                                                                                                                              • Figure 30: HomeForm Group, financial performance, 2008-10
                                                                                                                                                              • Figure 31: HomeForm Group Ltd: Outlet data, 2005/06-2009/10
                                                                                                                                                            • IKEA
                                                                                                                                                                • Figure 32: IKEA Limited, financial performance, 2006-10
                                                                                                                                                                • Figure 33: IKEA UK: Outlet data, 2006-10
                                                                                                                                                              • Nobia (UK) (inc Magnet)
                                                                                                                                                                  • Figure 34: Nobia (UK): Group financial performance, 2006-10
                                                                                                                                                                  • Figure 35: Nobia (UK): Outlet data, 2006-10
                                                                                                                                                                • Furniture Village
                                                                                                                                                                    • Figure 36: Furniture Village, financial performance, 2006-10
                                                                                                                                                                    • Figure 37: Furniture Village Plc: Outlet data, 2006-10
                                                                                                                                                                  • ScS
                                                                                                                                                                      • Figure 38: ScS, financial performance, 2006-10
                                                                                                                                                                      • Figure 39: ScS Upholstery Plc: Outlet data, 2006-10
                                                                                                                                                                    • Steinhoff UK
                                                                                                                                                                        • Figure 40: Steinhoff (Homestyle Group), financial performance, 2006-10
                                                                                                                                                                        • Figure 41: Steinhoff UK: Outlet data, 2006/07-2009/10
                                                                                                                                                                        • Figure 42: Retail offering and store portfolio of Steinhoff UK, June 2011
                                                                                                                                                                    • Retail Advertising and Promotion

                                                                                                                                                                      • Key points
                                                                                                                                                                        • Sector advertising expenditure
                                                                                                                                                                          • Figure 43: Main media advertising expenditure on furniture and furnishings, 2006-10
                                                                                                                                                                        • Leading advertisers
                                                                                                                                                                          • Figure 44: Main media advertising expenditure on furniture and furnishings, by top 25 advertisers, 2006-10
                                                                                                                                                                        • Expenditure relative to turnover
                                                                                                                                                                          • Figure 45: Selected retailers’ advertising spending as % of sales, 2010
                                                                                                                                                                        • Expenditure by media
                                                                                                                                                                          • Figure 46: Main media advertising expenditure on furniture and furnishings, by media type, 2006-10
                                                                                                                                                                        • Expenditure by month
                                                                                                                                                                          • Figure 47: Topline spend, by month, 2007-10
                                                                                                                                                                          • Figure 48: Main media advertising expenditure on furniture and furnishings, by month, 2010
                                                                                                                                                                        • Recent advertising campaigns
                                                                                                                                                                        • Brand Research

                                                                                                                                                                          • Brand map
                                                                                                                                                                              • Figure 49: Attitudes towards and usage of furniture retailer brands, May 2011
                                                                                                                                                                            • Brand attitudes
                                                                                                                                                                              • Figure 50: Attitudes, by furniture retailer brand, May 2011
                                                                                                                                                                            • Brand personality
                                                                                                                                                                              • Figure 51: Furniture retailer brand personality – macro image, May 2011
                                                                                                                                                                              • Figure 52: Furniture retailer brand personality – micro image, May 2011
                                                                                                                                                                            • Correspondence analysis
                                                                                                                                                                              • Brand experience
                                                                                                                                                                                • Figure 53: furniture retailer brand usage, May 2011
                                                                                                                                                                                • Figure 54: Satisfaction with various furniture retailer brands, May 2011
                                                                                                                                                                                • Figure 55: Consideration of furniture retailer brands, May 2011
                                                                                                                                                                                • Figure 56: Consumer perceptions of current furniture retailer brand performance, May 2011
                                                                                                                                                                                • Figure 57: Furniture retailer brand recommendation – Net Promoter Score, May 2011
                                                                                                                                                                              • Brand index
                                                                                                                                                                                • Figure 58: Furniture retailer brand index, May 2011
                                                                                                                                                                                • Figure 59: Furniture retailer brand index vs. recommendation, May 2011
                                                                                                                                                                              • Target group analysis
                                                                                                                                                                                • Figure 60: Target groups, May 2011
                                                                                                                                                                                • Figure 61: Furniture retailer brand usage, by target groups, May 2011
                                                                                                                                                                              • Group One – The Conformists
                                                                                                                                                                                • Group Two – Simply the Best
                                                                                                                                                                                  • Group Three – Shelf Stalkers
                                                                                                                                                                                    • Group Four – Habitual Shoppers
                                                                                                                                                                                      • Group Five – The Individualists
                                                                                                                                                                                      • The Consumer – Where Do We Shop for Furniture?

                                                                                                                                                                                        • Key points
                                                                                                                                                                                          • IKEA and Argos are the most used stores but market is fragmented
                                                                                                                                                                                              • Figure 62: Outlets used to purchase furniture in the last three years, June 2011
                                                                                                                                                                                            • Trend shows purchasing activity down sharply
                                                                                                                                                                                                • Figure 63: Outlets used to purchase any furniture in the last three years, 2006-11
                                                                                                                                                                                              • Home shopping the only winner
                                                                                                                                                                                                • Department stores and small chains and independents retaining relevance
                                                                                                                                                                                                  • DIY stores outperform kitchen specialists but both suffering from reduced purchasing activity
                                                                                                                                                                                                    • Large furniture chains suffering from lack of footfall
                                                                                                                                                                                                      • IKEA has strong appeal to young and affluent adults
                                                                                                                                                                                                        • Argos achieves broad appeal
                                                                                                                                                                                                          • DIY doing well among ABC1 families
                                                                                                                                                                                                            • Small/regional furniture chains and independents reliant on older and affluent consumers
                                                                                                                                                                                                              • Repertoire use in a fragmented market
                                                                                                                                                                                                                • Figure 64: Repertoire of number of outlets used to purchase furniture in the last three years, June 2011
                                                                                                                                                                                                            • The Consumer – Attitudes Towards Spending on Furniture

                                                                                                                                                                                                              • Key points
                                                                                                                                                                                                                • Risk-averse consumers are hard to motivate
                                                                                                                                                                                                                    • Figure 65: Consumer attitudes towards spending on furniture, June 2011
                                                                                                                                                                                                                  • Purchasing being deferred, even when replacement is needed
                                                                                                                                                                                                                    • Value important to all
                                                                                                                                                                                                                      • Affordability a big issue for younger adults
                                                                                                                                                                                                                        • Credit deals to act as a lever
                                                                                                                                                                                                                          • The influence of attitude to spending on stores
                                                                                                                                                                                                                          • The Consumer – Factors Influencing Choice of Store

                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                              • Consumers are highly receptive to promotions
                                                                                                                                                                                                                                  • Figure 66: Factors considered important when choosing to buy furniture, June 2011
                                                                                                                                                                                                                                • Strong need to emphasise and variety of designs
                                                                                                                                                                                                                                  • Quality assurance and sustainability have credence among affluent consumers
                                                                                                                                                                                                                                    • Contemporary, exclusive and custom-made designs are an influence on high spending customers
                                                                                                                                                                                                                                      • Immediate availability a key attribute
                                                                                                                                                                                                                                        • Unlocking demand with credit and flexible payment terms
                                                                                                                                                                                                                                          • Help from staff and past experience more important to older consumers
                                                                                                                                                                                                                                            • Branded and British-made furniture of secondary importance
                                                                                                                                                                                                                                              • Factors influencing choice and use of stores
                                                                                                                                                                                                                                              • The Consumer – Furniture Shopping Behaviour

                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                  • Promotions drive footfall, especially among younger shoppers
                                                                                                                                                                                                                                                      • Figure 67: Shopping behaviour for furniture, June 2011
                                                                                                                                                                                                                                                    • Older shoppers looking for value rather than cheapness
                                                                                                                                                                                                                                                      • Retailer loyalty strongest among older people
                                                                                                                                                                                                                                                        • Ineffectual advertising
                                                                                                                                                                                                                                                          • Shopping around takes time and multi-channel touch points can help
                                                                                                                                                                                                                                                            • But non-store shopping is still fairly limited
                                                                                                                                                                                                                                                              • Service issues more important to older consumers
                                                                                                                                                                                                                                                                • Convenient and flexible home delivery has wide appeal
                                                                                                                                                                                                                                                                  • Multi-category stores appeal to younger shoppers
                                                                                                                                                                                                                                                                    • Furniture buying behaviour and use of stores
                                                                                                                                                                                                                                                                    • Appendix – Internal Market Environment

                                                                                                                                                                                                                                                                        • Figure 68: List of furniture retailers gone into administration since August 2010
                                                                                                                                                                                                                                                                        • Figure 69: List of new entrants/expansions by existing players since August 2010
                                                                                                                                                                                                                                                                        • Figure 70: Consumer Price Indices for furniture and furnishings, Jan 2009-May 2011
                                                                                                                                                                                                                                                                        • Figure 71: Penetration and purchasing of lounge/living room furniture, by type of purchaser, by demographics, 2010
                                                                                                                                                                                                                                                                        • Figure 72: Penetration and purchasing of dining room furniture, by type of purchaser, by demographics, 2010
                                                                                                                                                                                                                                                                        • Figure 73: Penetration and purchasing of kitchen furniture (including fitted kitchens), by type of purchaser, by demographics, 2010
                                                                                                                                                                                                                                                                        • Figure 74: Penetration and purchasing of bedroom furniture (excluding beds), by type of purchaser, by demographics, 2010
                                                                                                                                                                                                                                                                        • Figure 75: Penetration and purchasing of beds, by type of purchaser, by demographics, 2010
                                                                                                                                                                                                                                                                        • Figure 76: Agreement with selected lifestyle statements, by demographics, 2010
                                                                                                                                                                                                                                                                    • Appendix – Broader Market Environment

                                                                                                                                                                                                                                                                        • Figure 77: Housing Transactions – Q1 2008-Q1 2011
                                                                                                                                                                                                                                                                        • Figure 78: Housing equity withdrawal, 2008 Q1-2010 Q4
                                                                                                                                                                                                                                                                        • Figure 79: Trends in exchange rate between the US Dollar and euro and Sterling, Monthly Average – Jan 2008-May 2011
                                                                                                                                                                                                                                                                    • Appendix – Brand Research

                                                                                                                                                                                                                                                                        • Figure 80: Brand usage, May 2011
                                                                                                                                                                                                                                                                        • Figure 81: Store commitment, May 2011
                                                                                                                                                                                                                                                                        • Figure 82: Brand momentum, May 2011
                                                                                                                                                                                                                                                                        • Figure 83: Brand diversity, May 2011
                                                                                                                                                                                                                                                                        • Figure 84: Store satisfaction, May 2011
                                                                                                                                                                                                                                                                        • Figure 85: Store recommendation, May 2011
                                                                                                                                                                                                                                                                        • Figure 86: Brand attitude, May 2011
                                                                                                                                                                                                                                                                        • Figure 87: Store image – macro image, May 2011
                                                                                                                                                                                                                                                                        • Figure 88: Brand image – micro image, May 2011
                                                                                                                                                                                                                                                                      • Psychographic Segmentation
                                                                                                                                                                                                                                                                        • Figure 89: Profile of target groups by demographic, May 2011
                                                                                                                                                                                                                                                                        • Figure 90: Psychographic segmentation, by target group, May 2011
                                                                                                                                                                                                                                                                        • Figure 91: Store usage, by target group, May 2011
                                                                                                                                                                                                                                                                      • Brand index
                                                                                                                                                                                                                                                                        • Figure 92: Store index, May 2011
                                                                                                                                                                                                                                                                    • Appendix – The Consumer – Where Do We Shop for Furniture?

                                                                                                                                                                                                                                                                        • Figure 93: Most popular outlets used to purchase furniture in the last three years, by demographics, June 2011
                                                                                                                                                                                                                                                                        • Figure 94: Next most popular outlets used to purchase furniture in the last three years, by demographics, June 2011
                                                                                                                                                                                                                                                                        • Figure 95: Other outlets used to purchase furniture in the last three years, by demographics, June 2011
                                                                                                                                                                                                                                                                    • Appendix – The Consumer – Attitudes Towards Spending on Furniture

                                                                                                                                                                                                                                                                        • Figure 96: Most popular consumer attitudes towards spending on furniture, by demographics, June 2011
                                                                                                                                                                                                                                                                        • Figure 97: Next most popular consumer attitudes towards spending on furniture, by demographics, June 2011
                                                                                                                                                                                                                                                                        • Figure 98: Outlets used to purchase furniture in the last three years, by most popular consumer attitudes towards spending on furniture, June 2011
                                                                                                                                                                                                                                                                        • Figure 99: Outlets used to purchase furniture in the last three years, by next most popular consumer attitudes towards spending on furniture, June 2011
                                                                                                                                                                                                                                                                    • Appendix – The Consumer – Factors Influencing Choice of Store

                                                                                                                                                                                                                                                                        • Figure 100: Most popular factors considered important when choosing to buy furniture, by demographics, June 2011
                                                                                                                                                                                                                                                                        • Figure 101: Next most popular factors considered important when choosing to buy furniture, by demographics, June 2011
                                                                                                                                                                                                                                                                        • Figure 102: Other factors considered important when choosing to buy furniture, by demographics, June 2011
                                                                                                                                                                                                                                                                        • Figure 103: Least popular factors considered important when choosing to buy furniture, by demographics, June 2011
                                                                                                                                                                                                                                                                        • Figure 104: Outlets used to purchase furniture in the last three years, by most popular factors considered important when choosing to buy furniture, June 2011
                                                                                                                                                                                                                                                                        • Figure 105: Outlets used to purchase furniture in the last three years, by next most popular factors considered important when choosing to buy furniture, June 2011
                                                                                                                                                                                                                                                                        • Figure 106: Outlets used to purchase furniture in the last three years, by other factors considered important when choosing to buy furniture, June 2011
                                                                                                                                                                                                                                                                        • Figure 107: Outlets used to purchase furniture in the last three years, by least popular factors considered important when choosing to buy furniture, June 2011
                                                                                                                                                                                                                                                                    • Appendix – The Consumer – Furniture Shopping Behaviour

                                                                                                                                                                                                                                                                        • Figure 108: Most popular shopping behaviour for furniture, by demographics, June 2011
                                                                                                                                                                                                                                                                        • Figure 109: Next most popular shopping behaviour for furniture, by demographics, June 2011
                                                                                                                                                                                                                                                                        • Figure 110: Other shopping behaviour for furniture, by demographics, June 2011
                                                                                                                                                                                                                                                                        • Figure 111: Outlets used to purchase furniture in the last three years, by most popular shopping behaviour for furniture, June 2011
                                                                                                                                                                                                                                                                        • Figure 112: Outlets used to purchase furniture in the last three years, by next most popular shopping behaviour for furniture, June 2011
                                                                                                                                                                                                                                                                        • Figure 113: Outlets used to purchase furniture in the last three years, by other shopping behaviour for furniture, June 2011

                                                                                                                                                                                                                                                                    Companies Covered

                                                                                                                                                                                                                                                                    • Argos
                                                                                                                                                                                                                                                                    • Barker and Stonehouse Ltd
                                                                                                                                                                                                                                                                    • Bathstore.com Plc
                                                                                                                                                                                                                                                                    • Beattie McGuinness Bungay
                                                                                                                                                                                                                                                                    • Bensons Bed Centres Ltd
                                                                                                                                                                                                                                                                    • British Heart Foundation
                                                                                                                                                                                                                                                                    • Carpetright UK
                                                                                                                                                                                                                                                                    • Confederation of British Industry
                                                                                                                                                                                                                                                                    • Conforama
                                                                                                                                                                                                                                                                    • Conran Shop Holdings Ltd.
                                                                                                                                                                                                                                                                    • Council of Mortgage Lenders
                                                                                                                                                                                                                                                                    • Debenhams Total (GTV)
                                                                                                                                                                                                                                                                    • DFS Furniture Holdings Plc
                                                                                                                                                                                                                                                                    • Dolphin
                                                                                                                                                                                                                                                                    • Dreams Plc
                                                                                                                                                                                                                                                                    • Duresta Upholstery Ltd
                                                                                                                                                                                                                                                                    • Feather And Black Limited
                                                                                                                                                                                                                                                                    • Furniture Village Plc
                                                                                                                                                                                                                                                                    • Go Travel Insurance Services Ltd
                                                                                                                                                                                                                                                                    • Gower Kitchens
                                                                                                                                                                                                                                                                    • Habitat
                                                                                                                                                                                                                                                                    • Halfords Ltd
                                                                                                                                                                                                                                                                    • Harveys Furnishing Plc
                                                                                                                                                                                                                                                                    • Heal's
                                                                                                                                                                                                                                                                    • Hillarys Blinds Ltd
                                                                                                                                                                                                                                                                    • Home Retail Group
                                                                                                                                                                                                                                                                    • Homebase Ltd
                                                                                                                                                                                                                                                                    • House of Fraser Plc
                                                                                                                                                                                                                                                                    • IKEA
                                                                                                                                                                                                                                                                    • John Lewis Plc (department store)
                                                                                                                                                                                                                                                                    • Johnson & Johnson Ltd
                                                                                                                                                                                                                                                                    • Land of Leather Ltd
                                                                                                                                                                                                                                                                    • Magnet Ltd
                                                                                                                                                                                                                                                                    • Marks & Spencer
                                                                                                                                                                                                                                                                    • MFI Furniture Group Plc
                                                                                                                                                                                                                                                                    • Moben
                                                                                                                                                                                                                                                                    • Natuzzi
                                                                                                                                                                                                                                                                    • Nobia (UK)
                                                                                                                                                                                                                                                                    • Oakridge Direct Ltd
                                                                                                                                                                                                                                                                    • Odeon Furniture Company Ltd
                                                                                                                                                                                                                                                                    • Office of Fair Trading
                                                                                                                                                                                                                                                                    • Paul Simon (London) Ltd
                                                                                                                                                                                                                                                                    • Reid Furniture Ltd
                                                                                                                                                                                                                                                                    • Russell & Dorrell Ltd
                                                                                                                                                                                                                                                                    • ScS Upholstery Plc
                                                                                                                                                                                                                                                                    • Sealy UK
                                                                                                                                                                                                                                                                    • Sharps
                                                                                                                                                                                                                                                                    • Silentnight Holdings
                                                                                                                                                                                                                                                                    • Simmons Bedding Company
                                                                                                                                                                                                                                                                    • Sleepmasters Plc
                                                                                                                                                                                                                                                                    • Sofology
                                                                                                                                                                                                                                                                    • Steinhoff UK Furniture
                                                                                                                                                                                                                                                                    • Sterling Furniture Group Ltd
                                                                                                                                                                                                                                                                    • Sun Capital Partners, Inc.
                                                                                                                                                                                                                                                                    • The Bed Shed
                                                                                                                                                                                                                                                                    • The HomeForm Group
                                                                                                                                                                                                                                                                    • Travis Perkins Retail

                                                                                                                                                                                                                                                                    Furniture Retailing - UK - August 2011

                                                                                                                                                                                                                                                                    £1,995.00 (Excl.Tax)