(Alliance News) - Brand Architekts Group PLC on Friday said it will make its final payment shortly for a 55% stake in Mr Haircare Ltd, as part of its legal settlement with Jamie Stevens Media Ltd.
The London-based beauty sector challenger brand business had announced on June 30 the resolution of its legal dispute with Jamie Stevens Media. Brand Architekts and Jamie Stevens were co-shareholders in joint venture Mr Haircare.
The two parties agreed to a full and final settlement of all claims, and Brand Architekts agreed to purchase Jamie Stevens's 55% stake in Mr Haircare in cash.
On Friday, Brand Architekts said that following the appointment of an independent valuer, Jamie Stevens's shareholding was determined to be worth GBP535,000.
"Final payment will be made shortly," Brand Architekts added.
Brand Architekts then said it will relaunch Mr Haircare as MR Expert Solutions, "and the company's vision is to initially consolidate its position in the Men's Thicken and Disguise haircare category and then expand the brand into adjacent male grooming problem solving categories and invest in the master brand to accelerate brand awareness and stimulate consumer trial."
Shares in Brand Architekts were up 3.5% at 26.90 pence each on Friday morning in London.
By Emma Curzon, Alliance News reporter
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Brand Architek. (BAR)