LONDON (Alliance News) - ScS Group PLC on Friday said it is no longer in talks regarding the possible acquisition of online furniture retailer Sofa.com Ltd.
On Tuesday, the upholstered furniture and floorings retailer responded to media reports confirming it was holding discussions to acquire the business and assets of Sofa.com Ltd.
On the same day, Sky News reported that Sport's Direct Chief Executive Officer Mike Ashley was competing with ScS for the acquisition.
Sky News said it learned that Ashley put forward a multi-million pound bid for the retailer as he continues to up his stake in the UK retail sector.
KPMG is handling the auction on behalf of Sofa.com's current owner, after the online retailer was put on sale last month. The auditor expects to finalise a deal in the coming days.
Ashley and ScS were thought by the news website to be the last remaining bidders, meaning that following Friday's announcement Ashley might be the only interested party.
ScS shares were trading down 1.8% at 224.00 pence while Sports Direct shares were broadly flat at 278.30p.
