LONDON, UK: ScS Group, one of many UK’s largest retailers of upholstered furnishings and floorings, has acquired the brand, area names, website, mental property and inventory of Snugsofa.com (Snug) from the directors of Snug Shack Limited for consideration of £875,000.
Snug is an innovative digital-first couch and sofa-bed enterprise specialising in modular and re-configurable sofas.
Snug was based by Robert and Peter Bridgman in 2018 as Europe’s first sofa-in-a-box concept, and has grown to become one of many largest retailers on this segment of the furnishings market. Snug’s ethos is to supply a carefully curated choice of merchandise in a vary of colors and configurations, with fast supply and excellent high quality and buyer service.
Although predominantly online, Snug additionally operates from one retailer in Leeds. We expect there to be an alternative so as to add Snug concessions to the Group’s stores, offering the model with considerably improved nationwide visibility and penetration.
The Board believes the acquisition of Snug represents additional development in ScS’s strategy. Snug’s strong model and differentiated digital-first offering will complement ScS’s existing proposition, additional diversifying its buyer base and increasing market share.
Snug’s innovative approach to social engagement and digital marketing will be an asset to the broader ScS enterprise whereas Snug will profit from the Group’s expertise, provider relationships and scale.
Snug has fifty three colleagues who’ve been a significant a half of its success, and that team will join the Group as a half of the acquisition.
For the 12 months to 31 December 2022, Snug expects revenues of c£20m. Going ahead under ScS’s possession we aim to additional develop the business. Snug will report in line with the Group’s monetary year, apply the Group’s accounting insurance policies and is anticipated to be earnings accretive in FY24.
Steve Carson, Chief Executive Officer of ScS, commented: “Snug is an thrilling and younger enterprise with nice potential. It has a strong and recognisable brand, a differentiated product and targets a market that enhances our proposition. In that regard, it presents us with an thrilling alternative to additional increase market share. We therefore, view it as a nice strategic and cultural match which reinforces our dedication to serving to our customers create the house they love. We look ahead to welcoming our new colleagues into the ScS family.”