Paul thanks for a very good summary of SCS FY results. I agree Poltronesofa can use the SCS own cash (£70m) and get a £30m debt facility to cover their purchase price so it’s stingy. But if banks reduce provision of interest free credit then the SCS model is challenged. What might amuse you is that one of the people who blocked Stonegate’s 200p bid for RevBars is actually a top 10 shareholder in SCS. You may recall also that 1 institution blocked the Canadian PE bid for Goals Soccer Centres when it got 72% acceptances (vs 75% required) then a few years later it went bust. So a bird in the hand better than 2 in the bush and all that. Share prices are hugely depressed to redemption led selling and buyers sitting on their hands. It’s all about fund outflows not fundamentals at present. Stock pickers dream market
Agree- so sold today. Bought on the cheap by Poltronesofa, but the well paid management had done nothing for the share price.
