scsOldSofa and carpets chain ScS has confirmed its return to the stock market in a move that values the retailer at around £70m.

The Sunderland headquarter retailer will look to raise over £35m for current owner Sun European by offering 51 per cent of the company to investors, with share trading to commence on 28th January.

The company will not receive any proceeds from the sale, while new chairman Alan Smith along with longtime CEO David Knight and finance chief Ron Turnbull have subscribed for shares in the IPO.

David Knight said: “We have made significant progress over the past six years. We are now a bigger and better business with more diverse revenue streams demonstrated in particular by the success of brands within our sofa offering as well as our flooring offering.

“We are now well placed to capitalise on this growth and are delighted that our initial public offering has been successful and we will be returning to the London Stock Exchange.”

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