Mike Ashley buys Sofa.com in cut-price deal -Sky News

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"The group confirms that ScS Group plc is no longer in discussions regarding a potential acquisition of the business and assets of Sofa.com", it said in a brief stock exchange announcement.

Mike Ashley is set to add another name to his collection of distressed retailers as he looks to clinch a takeover of Sofa.com for a token sum.

Last year, Sports Direct bought department store group House of Fraser for 90 million pounds ($117.84 million) and snapped up specialist cycling retailer Evans Cycles.

Sky News reported that Ashley, who runs Sports Direct, was one of two bidders with ScS for Sofa.com which was put up for sale last month.

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There is no certainty a deal will go ahead at this stage, although with Sofa.com holding concessions in House of Fraser - they replaced ScS concessions which were removed in the final quarter of 2018 - Ashley is arguably in a prime negotiating position.

LGT European Capital took control of the business past year, but has now engaged KPMG to find a buyer for it. He is also reportedly in talks to acquire HMV, which entered administration after Christmas, and has an influential stake in Debenhams. But in an update on Friday ScS said it was "no longer in discussions".

Sofa.com's sale is being handled by KPMG.

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