(Sharecast News) - Brand Architekts updated the market on Friday on the resolution of its legal dispute with Jamie Stevens Media (JSML), its joint venture partner and co-shareholder in Mr Haircare.
The AIM-traded firm said that as part of the agreement reached in June, it would acquire JSML's 55% shareholding in Mr Haircare for a determined cash payment.
To ascertain the fair market value of the shareholding, an independent valuer was appointed, and the valuation was established at £0.535m, with the final payment to be processed shortly.
The board said the acquisition aligned with its strategy of expanding its high-performance, problem-solving, and margin-enhancing brands portfolio.
Under the new ownership, Mr Haircare would undergo a rebranding and be reintroduced to the market as 'MR Expert Solutions.'
The company's vision was solidifying its presence within the 'Men's Thicken and Disguise' haircare category.
Subsequently, it planned to extend the brand's reach into adjacent male grooming problem-solving categories.
Moreover, investments would bolster the master brand to boost brand awareness and stimulate consumer interest.
At 0804 GMT, shares in Brand Architekts were up 3.46% at 26.9p.
Reporting by Josh White for Sharecast.com.
Brand Architek. (BAR)