LONDON (Alliance News) - ScS Group PLC on Tuesday confirmed it is in talks for the potential acquisition of online furniture retailer Sofa.com Ltd.
The furniture and floorings retailer said there is no certainty that a transaction will be made. ScS issued the statement in response to what it called "media speculation".
On Tuesday, Sky News reported that Sport's Direct International PLC Chief Executive Officer Mike Ashley was competing with ScS to acquire online furniture retailer Sofa.com.
https://news.sky.com/story/ashley-and-scs-battle-to-sit-pretty-with-sofa-com-bids-11621116
The news agency said it learned that Ashley put forward a multi-million pound bid for the retailer as he continues to up its 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. It is expected to finalise a deal in the coming days, Sky News said.
Ashley and ScS are though to be the last remaining bidders.
Ashley is understood to be keen on a takeover of Sofa.com because of its concessions in a number of House of Fraser stores, according to Sky. Sports Direct acquired House of Fraser out of administration in August.
Since then, Sports Direct, which also owns a stake in Debenhams PLC, French Connection Group PLC and others, has acquired struggling bike retailer Evans Cycles.
Sports Direct shares were up 0.8% on Tuesday at 274.20 pence, while ScS shares were flat at 242.00p.
