London Stock Exchange today welcomed ScS
London Stock Exchange today welcomed ScS, one of the UK’s largest retailers of upholstered furniture and floorings to a welcome ceremony, marking the admission of its shares to trading on the Main Market as one of the first Main market IPOs of 2015. ScS the "Sofa Carpet Specialist" trades from 97 stores in the UK and seeks to offer value and choice through a wide range of upholstered furniture and flooring products. Specialising primarily in fabric and leather sofas and chairs. ScS sells a range of branded products and third party brands (which include La-Z-Boy, G Plan and Parker Knoll). The Company's flooring business includes carpets, as well as laminate and vinyl flooring. In 2014 ScS began to operate the furniture and carpet concession ranges for the House of Fraser "For Living" brand. ScS currently operates in 30 House of Fraser stores across the UK. The IPO placing raised approximately £35 million in total at the Offer Price of 175 pence per Offer Share which equates to a market capitalisation of approximately £70.0 million on Admission.
Investec is acting as Sole Sponsor and Bookrunner to the Company
David Knight, CEO of ScS commented:
“We are delighted to once again become a PLC. We have made significant progress over the past 6 years. We are now a bigger and better business, launching a broader product offer and more diverse sales channels whilst continuing to focus on providing a quality product at affordable prices. We would like to thank our new investors for their support which is testament to our future prospects.”