ScS loses credit insurance cover

ScS Upholstery underlined the precarious state of furniture retailing, revealing that a large credit insurer had judged the company too risky a proposition and withdrawn cover for its suppliers.

Investors have also balked at the shares since the start of the year – ScS has lost more than 90 per cent of its market capitalisation. Shares in the company fell a further 52 per cent, to 14p, while Land of Leather, which faces similar problems, fell 32 per cent to 13p.