Leeds advisers behind £70m flotation of ScS

SOFA firm ScS has returned to the stock exchange with the help of PwC in Leeds just six years after going into administration.

The Sunderland-based company, which has nearly 100 stores, is valued at £70m, after issuing 40m shares at 175p. Private equity owner Sun European owns 41.6% of ScS while the management team owning the rest.

Arif Ahmad, PwC’s senior partner in Leeds, was the lead reporting accountant on the IPO, supported by a team from the firm’s transaction services and assurance practices in Leeds. PwC also provided advice on tax structures and management incentives.

Mr Ahmad said: “We’re delighted to have worked on the successful IPO of ScS. We have a long standing relationship with the company and look forward to continuing to support the management team following their return as a listed company.

“The regional M&A market remains buoyant, and PwC is currently working with a number of companies on IPOs and other transactions.”

Mr Ahmed has also recently performed the reporting accountant role on the IPO of Bonmarche and the acquisition of Tuffnells Parcel Express by Connect Group.