Sunderland’s ScS buys

Sunderland-based furniture and floorings company ScS Group announced it has acquired the brand, domain names, website, intellectual property and stock of (Snug) from the administrators of Snug Shack Limited for £875,000.

For the 12 months to December 31, 2022, Snug expects revenues of £20 million.

“Snug is an innovative digital-first sofa and sofa-bed business specialising in modular and re-configurable sofas,” said ScS.

“Snug was founded by Robert and Peter Bridgman in 2018 as Europe’s first sofa-in-a-box concept, and has grown to become one of the largest retailers in this segment of the furniture market.

“Snug’s ethos is to offer a carefully curated choice of products in a range of colours and configurations, with quick delivery and excellent quality and customer service.

“Although predominantly online, Snug also operates from one store in Leeds.

“We expect there to be an opportunity to add Snug concessions to the group’s stores, providing the brand with significantly improved national visibility and penetration.”

ScS Steve Carson said: “Snug is an exciting and young business with great potential. It has a strong and recognisable brand, a differentiated product and targets a market that complements our proposition.

“In that regard, it presents us with an exciting opportunity to further increase market share.

“We therefore, view it as a great strategic and cultural fit which reinforces our commitment to helping our customers create the home they love.”

Colin Hardman, partner at Evelyn Partners and joint administrator of Snug, said: “We are delighted to have advised and completed on this sale to ScS, which we consider to be the best outcome for creditors and which preserves 53 jobs, while also maintaining a continuity of trade.

“We thank Snug Shack management for their support in this process. We will be continuing to work with the new owners to ensure a smooth transfer of operations and to minimise any disruption to customers.”