The £99m takeover of ScS by Italian sofa retailer Poltronesofà has been given the go-ahead after shareholders voted in favour of the deal yesterday.
It was revealed in October that ScS had agreed to the £99.4m approach and the board has now “unanimously” agreed on the cash offer, which values each ScS share at 280p.
Following yesterday’s vote, the deal remains subject to sanction by the Court at a sanction hearing, but if confirmed it is expected to become effective on January 30, 2024.
When the takeover bid was first reported, ScS non-executive chair Alan Smith said the board believed the Italian retailer would bring “significant benefits” to ScS through its “broad industry expertise”.
Poltronesofà previously said the acquisition would facilitate part of the group’s global growth ambitions and would enable its entry into the UK market.
Poltronesofà was established in 1995 and operates 167 furniture and home decor stores in Italy, 106 in France and 27 across Belgium, Switzerland, Cyprus and Malta.
The announcement comes after ScS posted a “resilient set of results” in October, with underlying profit before tax dropping from £13.8m to £7.2m year on year.
ScS also posted gross delivered sales of £343.5m, down slightly from £344.7m in the previous year.
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