High Street

ScS ends talks paving way for Mike Ashley

ScS has ended its interest in acquiring rival furniture retailer stating it is “no longer in discussions”, leaving Sports Direct owner Mike Ashley in prime position.

Both Mike Ashley and ScS had expressed interest in acquiring However ScS today (1 February) said in an update: “The group confirms that ScS Group is no longer in discussions regarding a potential acquisition of the business and assets of Limited.”

This effectively leaves Ashley as the only known party that is still interested in acquiring, as he aims to continue a recent string of high street acquisitions. It is thought that the business was affected when House of Fraser went into administration where already has concessions inside stores. Ashley acquired House of Fraser in August of last year.

KPMG, which is handling the sale on behalf of LGT European Capital – the company’s former lenders, is expected to finalise a deal in the coming days.

The news comes as Ashley also seeks deals to acquire HMV and Patisserie Valerie from administration. According to to new figures from Colliers International/Radius Data Exchange Ashley’s retail estate has grown by a third over the past year up from 22m sq ft to 30m sq ft.  

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