The entire share capital of A Share & Sons – the trading subsidiary of the listed holding company ScS Upholstery – has been sold to Parlour Product Holding, an affiliate of Sun European Partners for an undisclosed sum.

KPMG restructuring partners Mark Firmin and Richard Fleming were appointed joint administrators of ScS Upholstery and they shortly afterwards sold the share capital.

Joint administrator Mark Firmin said: “I am delighted that we have been able to complete a transaction that will enable the trading business to carry on as normal.

“This is very good news for the 1,300 employees, customers and suppliers.”

Some of the furniture products sold by ScS in its 96 stores in the UK, including several in the West Midlands, are made in the Black Country.

The sale has come just over a week after trading in ScS Upholstery shares was suspended on the London Stock Exchange. The share listing will now be cancelled.

Mr Firmin said: “Efforts by the broad and advisers to find a solvent solution for the holding company did not come to fruition and the sale of the shares of the trading company is the next best solution.

The stores are not affected by the share sale and Mr Firmin said “it will be business as usual for employees, customers and suppliers.”