SCS: Chief who oversaw £100m take-private deal to step down
SCS: Chief who oversaw £100m take-private deal to step down
The chief executive who oversaw SCS’s departure from the London Stock Exchange after accepting a takeover deal towards the end of 2023 is to step down this summer.
Steve Carson has been in the role at the Sunderland-headquartered sofa giant since November 2020.
He has previously been group managing director at Holland & Barrett and held roles at the likes of Home Retail Group, Homebase and Sainsbury’s.
SCS was taken private after accepting a takeover offer from Italian furniture retailer Poltronesofà in October 2023 .
That deal valued SCS, which has around 100 stores across the UK under its own brand as well as Snug, at £99m.
Poltronesofà operates more than 150 stores in Italy, 106 stores in France and a couple of dozen more across the rest of continental Europe.
“The right time to move one” – SCS boss
A spokesperson for the ScS Group said: “Steve has decided that now is the right time to move on from ScS.
“He will depart knowing the group’s future is bright, having played a central role in bringing about considerable investment via a new ownership structure and enabling transformative progression with a rebranding exercise.
“He leaves with a strong legacy and the thanks of the entire business and new ownership for his effort and drive in pursuit of a clear purpose to support customers in ‘helping create a home they love’. Steve departs in July and will ensure a smooth transition.”
For its most recent financial year , the 12 months to July 29, 2023, SCS posted a revenue of £325.9m, down from £331.6m, while its pre-tax profits fell from £16.4m to £6m.
SCS can trace its roots back to 1894 and listed on the London Stock Exchange in 1997. The company formally delisted in January 2024.