Adairs snaps up furniture retailer for $80m

Homewares retailer Adairs is seeking to get a larger slice of the $8.3 billion-plus bulky furniture market after snapping up Focus on Furniture in a deal that values the company at $80 million on an enterprise value basis.

Total consideration comprises $74 million in cash and a $6 million placement in Adairs to the major shareholder and continuing Focus chief executive, Rob Santalucia.