Economy

Mike Ashley sitting pretty with Sofa.com takeover

Mike Ashley sitting pretty with Sofa.com takeover”

Billionaire Mike Ashley, who controls British sportswear retailer Sports Direct, agreed to acquire Sofa.com for "a nominal sum", Sky News reported on Friday, ending a battle with ScS Group to buy the maker of handcrafted beds and sofas.

LGT European Capital owns Sofa.com and has appointed KPMG to handle the bids, although it is not clear what figure the online business is priced at.

Mr Ashley also owns stakes in French Connection, Findel, Game Digital and Debenhams, where he has tightened his grip by ousting the chairman.

However, it said in a stock market update: "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".

ScS said on Friday that it is "no longer in discussions" with the firm about a deal.

Since then, Ashley has bought Evans Cycles out of administration, while he has reportedly shown an interest in snapping up HMV and Patisserie Valerie, both of which are on the verge of collapse.

LGT European Capital took control of the business a year ago, but has now engaged KPMG to find a buyer for it.



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