SCS Scs Group Plc

TIDMSCS

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 GBP12m from its revolving credit facility (RCF) on 17 March 2020. Including the GBP12m RCF, as at 25 May 2020, the Group held GBP48.3m 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                            c/o Buchanan +44 (0)20 7466 
  David Knight, Chief Executive Officer    5000 
  Chris Muir, Chief Financial Officer 
 
 Buchanan                                 Tel: +44 (0)20 7466 5000 
  Richard Oldworth                         scs@buchanan.uk.com 
  Tilly Abraham 
  Charlotte Slater 
 

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.

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May 26, 2020 02:01 ET (06:01 GMT)

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