The family behind Nick Scali could be about to sell down

Matthew Lloyd/Getty Images for Claire’s

Nick Scali, the furniture retailer, has gone into a trading halt.

In a note to the market, the retailer says: “The trading halt is required pending a potential sell down by a major shareholder.”

The Scali family, which started the business about 50 years ago, still owns about half of the company bearing its name.

The company is doing well, posting a 40.7% rise in first half profit to $14.1 million on revenue of $102.5 million, up 32%.

Managing director Anthony Scali expects full year profit after tax to be in the range of $22 million to $24 million, better than original forecasts of about $21 million.

The company plans to open another four to six stores this year to add to its network of 48 across mainland Australia.

Its shares last traded at $4.10 up from a 12 month low of $3.55.

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