ScS, the sofa retailing chain, has recommended an offer from Italian counterpart Poltronesofa S.p.A. to its shareholders. An offer of 280p per share was offered by the Italian business which has been seeking an entry into the UK market to complement its operations in Europe. This values the ScS business at c.£99.4m.
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.
“This acquisition will enable ScS to continue as part of a broader, pan-European entity in pursuit of its strategy and position it for long-term success in the UK.”
Share