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Scs Upholstery Share Discussion Threads
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|Can the tax loss be taken on these yet? Have they been declared at zero? I know they've been delisted ages...|
|Not a share holder but the management should be sacked and it's about time legislation was put in place to stop this from happening imo!!
These companies have so many trading names to get around this!!!|
Sale of ScS's Sole Trading Subsidiary (Scs Upholstery)
RNS Number : 2294Y
ScS Upholstery PLC
03 July 2008
For immediate release
ScS UPHOLSTERY PLC ("ScS" or the "Company")
Sale of ScS*s sole trading subsidiary to an affiliate of Sun European Partners, LLP for an
undisclosed sum. ScS Upholstery plc placed into
administration in order to effect this sale and application made for cancellation of listing.
The board of directors of the Company (the "Board") announces that the Company has been
placed into administration earlier today
pursuant to a Court order under the Insolvency Act 1986 and has sold its sole trading
subsidiary, A. Share & Sons Limited (the "ScS
Business") to Parlour Product Holding Limited ("Parlour"), a wholly owned subsidiary of
Parlour Product Holdings LLC and an affiliate of Sun
European Partners, LLP, the European adviser to Sun Capital Partners, Inc., a leading U.S.
based private investment firm ("Sun").
* Total consideration is undisclosed but involves the provision of considerable
working capital to enable the ScS Business to
continue to trade in the ordinary course of business and to pay its creditors as and when they
* The transaction is expected to ensure the financial stability of the ScS Business
and to enable it to continue its high level of
service to customers.
* Mark Firmin and Richard Fleming of KPMG LLP have been appointed as joint
administrators (the "Administrators") of the Company.
* It is unlikely that the Company's shareholders will 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 has applied to have its listing on the official list of the UK Listing
Authority cancelled with effect from 8.00 am on
Friday 4 July 2008.
Mike Browne, Chairman of the Company, commented:
"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, without which the ScS
Business would have had to be placed into administration. The sale of the ScS Business to
Parlour is expected to provide this necessary
investment and to protect therefore the ScS Business's employees, trade creditors and
customers, as well as helping to secure the future of
a number of its suppliers with workforces in the UK and continental Europe. The ScS Business
looks forward to benefiting from the extensive
experience of Sun and its affiliates in the retail industry so that it can stabilise and grow
About Sun European Partners, LLP
Sun European Partners, LLP, is the European adviser to Sun Capital Partners, Inc., a
leading U.S.-based investment firm focused on
leveraged buyouts, equity, debt, and other investments in market-leading companies that can
benefit from its in-house operating
professionals and experience. Sun Capital affiliates have invested in and managed more than
190 companies worldwide since Sun Capital's
inception in 1995 in the United States, with combined sales in excess of EUR27 billion (US $37
billion). Sun Capital has built up a strong
expertise in the retail sector with its current portfolio comprising 24 retail investments.
For more information, please visit
As noted in the interim management statement dated 14 May 2008, the Company's trading
performance this financial year had been very
disappointing. This disappointing trading performance has continued. The Company's principal
credit insurers withdrew cover for ScS, which
caused working capital difficulties for suppliers to the ScS Business and which in turn
impacted on the Company's own working capital
position. In seeking to renew its overdraft facility, it became apparent that the Company's
debt funder was unwilling to provide a renewed
Following the confirmation that credit insurers had withdrawn cover, the ScS Business was
faced with a significant cash requirement,
including a requirement to pay suppliers (for not only the outstanding amounts due to them but
also for future deliveries) and a requirement
to meet rent payments for the Company's retail stores (and other leased properties). In view
of the quantum of funding required and the
extremely short timescales available, the Board concluded that the more traditional routes of
fund raising would either not be possible or
would not be sufficiently certain to be relied upon.
As a consequence, the Company approached several different providers of capital, including
funders of last resort which would consider such
an expedited injection of funding without recourse to extended due diligence. Confidentiality
agreements were entered into with several of
them and some commenced limited due diligence. However, it soon became apparent from that due
diligence that the funding requirement was too
large for most of these potential funders. The Company decided that only one party (Parlour)
was sufficiently interested (and had the
funding available) to achieve the desired continuation of the ScS Business. For its part,
Parlour confirmed that it was only prepared to
continue due diligence on the basis of a limited exclusivity period, which the Board felt
compelled to agree to.
In its announcement on 23 June 2008, the Company stated that it had entered into exclusive
discussions with an external party (which can
now be confirmed as having been Parlour) regarding the potential acquisition of the ScS
Following due diligence by Parlour and the Board, it became clear that the appropriate
method of effecting the sale to Parlour was for
the ScS Business to be acquired by Parlour following an administration of the Company.
Accordingly, Mark Firmin and Richard Fleming of KPMG LLP were appointed as joint
administrators of the Company on 3 July 2008 and,
following discussions with Parlour, agreed the disposal of the sole trading subsidiary for an
Cancellation of shares
Following the appointment of the Administrators, the Company has requested the UK Listing
Authority to cancel the listing of its
ordinary shares of 1p each with effect from 8.00am on Friday 4 July 2008.
David Knight 0191 514 6054
ScS Upholstery PLC
Nicola Cronk 020 7466 5000
Mark Firmin / Richard Fleming 0113 231 3000
This information is provided by RNS
The company news service from the London Stock Exchange
I know why you would say that but to be honest that is unfair as you can not tarnish everyone with the same brush imo. Your above comment is indeed the typical response by a very poor manager but not all of them and in most cases it is not thier fault but it most certainly is thier problem!!|
|The problem with sales staff and more so managers they do not have a glue on how to treat a very irate customer.
The first big mistake they often make is to try and defend themselves by saying it's not their fault, not their problem. The very last thing the customer wants to hear.|
|I have been lucky to be mainly involved with FMCG in previous years but I feel for these types of showroom stores because once you have taken the order and proccessed it properley you are then in the lap of the gods!!
I have a family member who works for Harvey's and not too long ago they had a number of containers impounded by customs due to the Chinese paperwork being all over the place, the air was blue..... in all directions!! ;)|
No. Have worked for M&S.|
|someone who I know went to SCS today to complain about the late delivery of a sofa.
SCS allegedly threatened to call the police when she started complaining about the company.
caring lot aren't they.|
Yep when they first looked at starting up in the UK they looked like they were going to be a bit of a threat but I think they started having problems finding space etc amongst other things!!!
Probably just as well methinks.|
|No fan of Primark as a retailer either but they do appeal to those on a low budget which can't be a bad thing especially at the moment methinks!!
Surprised you have not seen one, are you UK based?
Enjoy what's left of the weekend.|
|Heard of Primark - never seen one of their stores, unless they operate under some other name.|
|Who are TKmaxx - never even heard of them!!!!!|
|Sun capital in the frame:-
|I would not be surprised if something comes out this week otherwise it it may just be that the offer has been retracted which means it will go straight in to administration imo!!
I know this is not good for the staff at all but the industry could do with one of them going under to help the other major retailers in what should be another very difficult 12/18 months ahead.
I would be shocked if TKMaxx were interested as I do not recall them being out of town anywhere in stand alone units plus they seem to have a programme of staying in the high street, especially down here on the south coast!!
We should find out either way next week methinks!|
|Just find it strange cause customers are now starting to get let down with order delays . Its obvious there trading insolvent , sales crashed through the floor after all the bad press this week . Something has to give|
|I've known shares to be suspended for months.|
|Heard nothing. More importantly what is the deal....|
|Heard rumours that they have done a deal with tkmaxx ? Anyone else heard this ?|