Asia's No.1 Free-To-Trade Furniture Export-Import Magazine for the Global Markets

Industry News  

Forrest Furnishing Sold To Sterling Furniture

SCOTLAND, UK: Tillicoultry based Sterling Furniture has bought Forrest Furnishing after the retirement of owner, Ken Forrest in a deal that created a USD79.7 million independent business employing 600. Graham Spurr, Forrest’s current managing director will continue operations at the company.

Forrest reported a huge leap in profits after the Macdonald Furniture Gallerias showroom on Cathedral Street was sold for USD4.65 million, refurbishing its remaining store on South Street with the proceeds. Forrest posted a turnover of around USD11.7 million in 2015 with an operating profit of USD270,941.

“We are delighted to have concluded on this purchase that will ensure that another independent furniture retailer, with similar high standards and values in service and quality as ourselves, continues to operate.” said Gordon Mearns, managing director of Sterling Furniture.

Sterling Furnitures was founded in 1974 by George Knowles in a disused mill at Tillicoultry, the first of its kind in Scotland. George Knowles Jr took over the business in 1985 and grew the business and now has stores in Aberdeen, Dundee, Edinburgh, Carlisle, Ayr, Uddingston and Inverness.