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ScS Group plc - REOPENING & LIQUIDITY UPDATE

RNS Number : 8325N
ScS Group PLC
26 May 2020
 

For immediate release      

26 May 2020

 

 

 

ScS Group plc

("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 Britain's best value sofa and carpet retailer.

 

Reopening

 

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 England reopened on 23 May 2020. The Group's distribution network has also reopened in England, allowing deliveries to customers to recommence.

 

In line with government guidance, the Group's 19 stores, and distribution networks, in Wales and Scotland remain closed. We continue to monitor the situation closely and will reopen as soon as possible.

 

Throughout the lockdown period, ScS continued to provide support to our customers and employees through dedicated teams, who we enabled to work remotely.

 

Financial position

 

ScS has been building a strong balance sheet. As previously announced, the Group drew down £12m from its revolving credit facility (RCF) on 17 March 2020. Including the £12m RCF, as at 25 May 2020, the Group held £48.3m in cash.

 

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.

 

Looking forward

 

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.

 

 

David Knight

Chief Executive Officer

 

 

Enquiries:

 

ScS Group PLC

David Knight, Chief Executive Officer

Chris Muir, Chief Financial Officer

c/o Buchanan +44 (0)20 7466 5000

 

 

Buchanan

Richard Oldworth

Tilly Abraham

Charlotte Slater

Tel: +44 (0)20 7466 5000

[email protected]

 

Notes to editors

ScS is one of the UK's largest retailers of upholstered furniture and floorings, promoting itself as the "Sofa Carpet Specialist", seeking to offer value and choice through a wide range of upholstered furniture and flooring products. The Group's product range is designed to appeal to a broad customer base with a mid-market priced offering and is currently traded from 100 stores.

 

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 SiSi Italia). The Group also offers a range of third party brands (which include La-Z-Boy and G Plan). The Company's flooring business includes carpets, as well as laminate and vinyl flooring.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: ScS Group PLC

Price: 191

Market: AIM
Market Cap: £72.6 m
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