REG - ScS Group plc - Completion of £7m Share Buyback Programmes

SCSAnnouncement

17/02/2023 07:16

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RNS Number : 2178Q  ScS Group PLC  17 February 2023

     17 February 2023

 

ScS Group plc

("ScS", or the "Group")

Completion of £7m Share Buyback Programmes

Further to its announcement on 25 November 2022, the Group is pleased to
announce that the share buyback programme of up to £3.1 million (the "New
Programme") has been completed.

 

The New Programme, together with the previous programme announced by the Group
on 22 March 2022, has seen a total of 4,057,981 ordinary shares repurchased
and cancelled, representing 10.7% per cent of the Group's issued share capital
as at 22 March 2022. In total, ScS has returned £7 million to shareholders.

 

The Group's issued share capital is currently 33,954,674  ordinary shares,
each with one voting right.

 

The total number of voting rights in the Group is therefore 33,823,314 (which
excludes ordinary shares held by the Group in treasury for the benefit of its
Employee Benefit Trust). This figure may be used by shareholders as the
denominator for the calculation by which they will determine if they are
required to notify their interest in, or a change in their interest in, the
Group under the FCA's Disclosure and Transparency Rules.

 

Enquiries:

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

 Steve Carson, Chief Executive Officer

 Chris Muir, Chief Financial Officer
 Buchanan                                Tel: +44 (0)20 7466 5000

 Richard Oldworth                        scs@buchanan.uk.com (mailto:scs@buchanan.uk.com)

 Toto Berger

 Verity Parker
 Shore Capital                           Tel: +44 (0)20 7408 4050

 Patrick Castle

 James Thomas

 Iain Sexton

 

ScS is one of the UK's largest retailers of upholstered furniture and
floorings. We trade as two separate brands- the core ScS brand and the newly
acquired Snug brand.

 

The ScS brand is promoted as the "Sofa Carpet Specialist", seeking to offer
value and choice through a wide range of upholstered furniture and flooring
products. The 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
brand specialises primarily in fabric and leather sofas and chairs, selling 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). It also offers a range of
third party brands (which include La-Z-Boy, Ideal Home and G Plan). ScS'
flooring business includes carpets, rugs, wood, laminate and luxury vinyl
tiling.

 

Snug is an innovative digital-first sofa and sofa-bed business specialising in
modular and re-configurable sofas, with quick delivery and excellent quality
and customer service. Although predominantly online, Snug also operates from
one store in Leeds and seven concessions throughout England.

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