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Sun departs ScS after 12 years

ScSfrontSun European Partners has sold its remaining shares in ScS, 12 years after it bought the chain from administration.

It sold just under 10m shares at 220p, raising £21.67m.

As a result of the sale Paul Daccus, ScS non-executive director and Sun’s representative on the board has stepped down.

‘Paul has been a director since the company listed in 2015. Throughout that time, Paul's advice, commitment and support has been greatly valued by the whole ScS team. The board will miss his contribution,’ says Alan Smith, ScS chairman.

‘On a personal note I would like to pass on my thanks to Paul and Sun European Partners, for their huge support over the past 12 years,’ says David Knight, ScS chief executive.

Meanwhile investment fund M&G has increased its holding in the chain from 8.58% to 12.22% after buying 4.64m shares.