ScS completes sale to Poltronesofà SpA; delists from stock market

Upholstered furniture retailer ScS Group PLC has announced that following the final stages of the sales process, it has officially been acquired by Italian furniture retailer Poltronesofà SpA.

Back in October, ScS revealed that it had agreed a £99.4m bid approach from Poltronesofà, which valued each ScS share at 280p, consisting of 270p per share cash and a 10p final dividend.

At the time, Alan Smith, non-executive chair of ScS, said: “This cash offer, which the ScS board unanimously recommends, comes at an attractive valuation.

“It recognises the quality of the ScS Group’s operations, its cash resources, and the progress accomplished under Steve Carson’s leadership via his refreshed strategy.”

Months on, ScS has now completed the sale and is now privately owned by Poltronesofà and has been delisted from the stock market.

“This is a significant step forward and milestone for the business and brings about new opportunities and growth for ScS,” the retailer said.

“We’re genuinely excited about the possibilities that lie ahead and look forward to embarking on this new chapter together as part of the Poltronesofà family.”

As the sale has now become effective, ScS has also announced that Alan Smith, Ron McMillan, Angela Luger, Carol Kavanagh, Andrew Kemp, John Walden and Swarupa Pathakji have tendered their resignations and stepped down from the ScS Board.

Poltronesofà has 167 stores in Italy, 106 stores in France and 27 further stores across Europe (15 in Belgium, nine in Switzerland, two in Cyprus and one in Malta).

The deal follows a decision to continue its geographic growth and enter the UK sofa market. “Having followed the UK market and its key players for a significant amount of time, Poltronesofà believes that ScS and Poltronesofà share many common values and principles,” the company previously stated.

“Poltronesofà admires ScS’s significant presence in the United Kingdom sofa and furniture market, as well as its strong brand position, and recognises that ScS is a strong business with a widespread and established base of 100 well-located and spacious showrooms in the United Kingdom.

“Moreover, ScS benefits from, a well-invested and growing digital e-commerce platform, industry-leading operational excellence, and resilient financial performance.”

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