Lewis wins approval to acquire United Furniture Outlets

Competition authorities had granted Furniture retailer, Lewis, an approval for it to acquire United Furniture Outlets (UFO)

“All the conditions precedent to the acquisition have now been met and the acquisition is accordingly unconditional. The acquisition will be accounted for by Lewis with effect from 1 February 2018,” the company said in a statement.

Lewis said the move would enable it to achieve improved economies of scale and provide a platform to penetrate new market sectors through a wider, more exclusive product range.

READ MORE: Lewis Group acquires United Furniture Outlets

It would also diversify its offering by increasing its exposure to cash furniture retailing and provide access to a higher-income customer market segment.

Lewis is a leading credit retailer of household furniture, electrical appliances and home electronics and has been listed on the JSE since 2004.

– African News Agency