DIY Week: SCS pulls out of talks to buy Sofa.com; BCT calls in administrators

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SCS pulls out of talks to buy Sofa.com

Sofa Carpet Specialist (SCS) has issued a statement this morning confirming it is no longer in the running to buy Sofa.com Ltd, as reports suggest that Mike Ashley has already agreed a deal to purchase the business.

The furniture and flooring retailer published the statement today in order to provide an update on recent press speculation and said “SCS Group plc is no longer in discussions regarding a potential acquisition of the business and assets of Sofa.com Limited.

It gave no reason as to why it had conversations had been terminated but it has been reported that Sports Direct owner Mike Ashley, who recently purchased House of Fraser, has snapped up the Sofa.com business at an attractive price.

If true, the deal is the latest in a long list of retail acquisitions for Mr Ashley, who bought department store chain House of Fraser out of administration last summer for £90million, and more recently took on Evans Cycles for an undisclosed sum...

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