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Andrew HebdenAndrew Hebden is Assistant Editor (Business) of The Journal »
Matt JamesMatt James runs fingerprint-recognition technology firm UKB Security »
James MillsJames Mills is a web developer in the North East of England and founder of Refresh Teesside »
Phil RentonPhil Renton is managing director of North East IT empire Croft »
Andrew MerninAndrew Mernin is the Digital Journalist for nebusiness »
Matthew RipponMatthew Rippon is an IP lawyer for BHP Law »

Jez DavisonFormerly editor of a national business lifestyle magazine, Jez Davison is a business writer for the Evening Gazette in Teesside »
Ian BrownIan Brown, Northumberland farmer and businessman writes about the agricultural industry »
Steve WilkinsonAccessibilty Champion Steve Wilkinson on the importance of inclusion »
Shared InterestShared Interest Staff at Newcastle's fair trade firm blog on their latest international missions »
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Marion BernardMarion Bernard is from NorthStar Equity Investors »

Caroline TheobaldCaroline Theobald is the Managing Director of Bridge Club Ltd »

John BartonJohn Barton of Renew, on the region's low carbon and sustainable energy agenda »

Paul WilliamsonPaul Williamson is Senior Partner at Deloitte »

Stephen HallStephen Hall is Tax Partner at Deloitte »

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ScS saved - but Journal's North 40 is shrinking!

Posted by Andrew Hebden on July 3, 2008 3:29 PM | 

It is great news that a deal has been thrashed out today to secure the immediate future of Sunderland sofa retailer ScS.
The deal - full details of which you can read in Friday's nebusiness section of The Journal - will see investment group Sun European Partners acquire the retail business for an undisclosed sum. It should hopefully secure the futures of most of the company's 1,300-strong workforce.

The deal is not such good news for shareholders, of course, who stand to gain nothing from the rescue package which was concluded shortly after the business went into administration.
It also means that we lose another North East-based plc, a trend which has become depressingly familiar over recent times. For a variety of reasons, our North 40 listing of listed companies with an interest in the region has been shrinking rapidly.
Barratts (moved HQ to London) and Northern Rock (nationalisation) are the obvious examples, but we have also lost bookmaker Neville Porter (administration), Go Ahead (relocated to London) and Newcastle United (de-listed) in the last year or so.
Given the grim fortunes of the likes of Tanfield this week, it's hard to see many companies scarmbling to float themselves on the Stock Market in the near future. Perhaps we are going to have to rethink the name of our daily feature in The Journal...

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