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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Scs Upholstery | SUY | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 6.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 6.50 |
| Top Posts |
|---|
Posted at 03/7/2008 10:42 by farnesbarnes They've gone.Sale of ScS's Sole Trading Subsidiary (Scs Upholstery) RNS Number : 2294Y ScS Upholstery PLC 03 July 2008 For immediate release 3 July 2008 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 fall due. * 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 its business." 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 www.SunEuropeanPartn Background 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 facility. 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 Business. 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 undisclosed sum. 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. Enquiries: David Knight 0191 514 6054 ScS Upholstery PLC Nicola Cronk 020 7466 5000 Buchanan Communications Mark Firmin / Richard Fleming 0113 231 3000 KPMG LLP This information is provided by RNS The company news service from the London Stock Exchange END MSCKXLBBVDBLBBQ |
Posted at 24/6/2008 08:04 by trojan warrenc..Not sure where you are getting your Harvey's info from but they have not laid off loads of staff and are performing better than both LAN & SUY and may even end thier financial year (this week) flat YOY, which is a bloody miracle given the climate!! |
Posted at 23/6/2008 21:22 by loganair I had a few quid as a punt, not too much. I always thought that LAN were in a worse position then SUY and would be the first to go and therefore a slim possibility that SUY might, just might survive. |
Posted at 23/6/2008 08:34 by trojan Directors just looking after themselves..........Bad news for LAN as they really needed SUY to go under to give them a bit of a breather, if both survive short term then I feel one will still go to the wall by Xmas regardless of any takeovers IMHO. |
Posted at 22/6/2008 07:58 by trojan DSG going bust LOL!!!!!!!It is a tough time out there for sure but a comment like that just shows inexperience imho!! The main issue here for LAN and SUY is that they both need each other to go under for a stay of execution and to give one of them the chance to trade through to next years peak but that still may be a tall order! But as we all know anything can happen and someone may look to come into the market and pick one of them up on the cheap to get the space and extend the range beyond sofa's, BWTFDIK! ;) |
Posted at 20/6/2008 17:19 by loganair How did the week finish in the sofa's first to the losing post race.LAN @ 4.2p is pulling away from SUY @ 6.5p and is now ahead by a good length!!! |
Posted at 19/6/2008 16:52 by loganair Boffster - Possibly a good call.Todays statistics. At the start of todays play: SUY 5 1/2p ... LAN 9 3/4p At the end of todays play..: SUY 6 1/2p ... LAN 4 3/4p So todays winner is LAN with an over 50% drop in their sp, even though a RNS saying they have a £15m refinance package in place. Will LAN make a final push and go for Broke tomorrow. |
Posted at 19/6/2008 16:23 by boffster It looks like LAN are going to win the race.. share price falling below offer price. I suspected they would be the first to turn up their toes. I think its just a case of when the shutters come down now.The question is, lets be harsh and say LAN's sales are 50% of what they were, and SUY's probably 70%, will the reduced competiton, along with some kind of fundraising, be enough to see SUY through? |
Posted at 12/6/2008 13:07 by grigor roommove - I'm watching banks, house building, construction, real estate and related shares such as SUY.I've no position in SUY and I wouldn't gamble on buying now. If you wait until there are signs of a recovery, you may miss out on some of the gains but you would avoid the risk of the company failing. I'm mostly invested in mid-cap oil and oil service companies with some soft commodity and emerging market plays. I'm keeping some cash up my sleeve and will review all these beaten up shares in 2009-2010. |
Posted at 02/6/2008 18:58 by darrin1471 LANs net assets are £26.7m. This includes £28m in property, plant and equipment, and £20m of intangible assets (goodwill, brand and software)Manufactures are not going to supply goods if they can not get insurance. Credit card companies are not going to release payments until goods have been delivered. Without credit are LAN solvent? Leather is a fashion in sofas and it is much easier for SUY to sell a leather sofa than it is for LAN to sell a fabric sofa. Will SUY pick up enough business from the closure of LAN to survive. Will they need to refinance and or even pick up any of LANs old stores. |
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