ScS, the Sunderland-based furniture chain, has been sold to private equity firm Sun European Partners for an undisclosed amount.
In an official statement today, ScS said, “Shareholders are unlikely to receive a dividend from the administration of the company and the prospect of a dividend to the company’s unsecured creditors is “uncertain”. The company will be de-listed tomorrow at 8am.”
ScS chairman Mike Browne said: “Given the difficulties created by the sudden withdrawal of credit insurance cover from suppliers to our retail sector, it became clear that urgent steps needed to be taken to address our increased working capital requirements. Having considered all options open to us, it was apparent that a substantial, long-term and immediate investment was required to secure the future of the ScS business.”
Browne further added that the sale of the ScS business to Parlour is expected to provide the necessary investment and will protect the ScS business’s employees, trade creditors and customers.
