ScS Group plc - REOPENING & LIQUIDITY UPDATE
For immediate release
("ScS" or the "Group")
REOPENING & LIQUIDITY UPDATE
ScS prides itself on employing great people and providing an excellent service to our valued customers. The Group employs 1,700 people and has focused on becoming
Following government guidance on 23 March 2020, the Group temporarily closed its store and distribution network. After carefully considering recently updated government guidelines and implementing enhanced health and safety policies and procedures, to protect our people and our customers, ScS is pleased to announce that 80 of its stores in
In line with government guidance, the Group's 19 stores, and distribution networks, in
Throughout the lockdown period, ScS continued to provide support to our customers and employees through dedicated teams, who we enabled to work remotely.
ScS has been building a strong balance sheet. As previously announced, the Group drew down
In order to protect our financial position, we have continued to review and reduce cash expenditure to protect our liquidity in the short term. The Group has continued to evaluate capital expenditure plans.
Whilst it is too early to provide clarity on the outlook for the weeks and months ahead, the Group is pleased to have reached this key milestone.
The Board would like to thank our customers for their continued support and our colleagues for their ongoing dedication and professionalism.
ScS is a resilient business, with a strong balance sheet, coupled with a flexible cost base, and is well positioned to navigate this event and return to growth when the economy recovers.
Chief Executive Officer
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c/o Buchanan +44 (0)20 7466 5000
Tel: +44 (0)20 7466 5000
Notes to editors
ScS is one of the
The Group's upholstered furniture business specialises primarily in fabric and leather sofas and chairs. ScS sells a range of branded products which are not sold under registered trademarks and a range of branded products which are sold under registered trademarks owned by ScS (such as Endurance, Inspire and
This information is provided by RNS, the news service of the
Quick facts: ScS Group PLC
Market Cap: £72.6 m
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