Sunderland sofa firm ScS returns to the Stock Exchange
Sunderland-based sofa firm ScS has today returned to the Stock Exchange, six years after going into administration.
The floatation is expected to generate £35 million for the selling shareholder.
Today is the company’s first day of dealings after submitting its entire issued ordinary share capital consisting of 40,000,000 ordinary shares of 0.1 pence each.
ScS owns almost 100 stores and is valued at approximately £70 million.. Private equity owner Sun European owns 41.6% of ScS while the management team own the rest.
ScS chief executive David Knight recently told The Telegraph: “We have made significant progress over the past six years.
“We are now a bigger and better business with more diverse revenue streams demonstrated in particular by the success of brands within our sofa offering as well as our flooring offering.
“We are now well placed to capitalise on this growth and are delighted that our initial public offering has been successful and we will be returning to the London Stock Exchange.
“An IPO is a natural step for the company, we welcome our new shareholders and are very excited about the significant opportunities that remain ahead of us.”