Billionaire, Sports Direct tycoon Mike Ashely, has agreed a cut-price, multi million-pound takeover of Sofa.com, late Thursday, Sky News understands.
Furniture retailer ScS pulled out of the running for Sofa.com, they said Friday, they are “no longer in discussions,” KPMG are handling the sale of Sofa.com.
ScS had been up against Ashley as furniture company had 27 concessions in House of Fraser, that Ashley purchased in August last year when the department store went in to administration.
In a stock market update, ScS said, “ScS, one of the UK’s largest retailers of upholstered furniture and floorings, provides an update on the recent press speculation regarding the potential acquisition of Sofa.com Limited.
“The group confirms that ScS Group plc is no longer in discussions regarding a potential acquisition of the business and assets of Sofa.com.”