Mike Ashley set for Sofa.com purchase

Mike Ashley also owns Newcastle United

Sports Direct owner Mike Ashley looks set to buy Sofa.com after a rival suitor dropped out.

Furniture retailer ScS said on Friday it was no longer in talks about buying Sofa.com, put up for sale last month.

Sky News reported that Mr Ashley had agreed a sale for a "nominal sum", but there was no official confirmation.

Mr Ashley, whose company owns House of Fraser (HoF) and has a 29.7% stake in Debenhams, was widely reported to be considering a Sofa.com bid.

Sofa.com has concessions in HoF stores. Mr Ashley is also linked with bids for Patisserie Valerie and HMV.

On Tuesday, ScS confirmed it was in discussions about buying Sofa.com, one of the UK's biggest online furniture retailers. But in an update on Friday ScS said it was "no longer in discussions".

Sofa.com's owner LGT European Capital has hired business services firm KPMG to handle the sale.