(Alliance News) - Iconic Labs PLC on Monday confirmed its intention to acquire the owner of a Manchester-based fashion retailer.
Iconic Labs is a London-based media and technology company, focused on acquiring and growing companies in the media, AI and analysis sectors.
On February 29, Iconic announced that its shares had been suspended and confirmed that it was in talks regarding a potential acquisition.
Iconic has now entered a non-binding heads of terms deal for the acquisition of ITS Holdings 2023 Ltd, owner of In the Style Fashion Ltd, a Manchester-based online fashion retailer.
Once completed, subject to legal and financial due diligence, Iconic said that the deal will constitute a reverse takeover.
However, the company noted that there is no guarantee the transaction will complete, nor was it able to provide a timetable for the deal.
Chief Executive Officer Brad Taylor said: "We are delighted to have entered into a heads of terms to acquire ITS Holdings 2023 Ltd. This transaction has been one of multiple opportunities carefully considered by the board of Iconic and we believe this proposed acquisition meets our objectives and wider strategy of fostering long-term growth and value for our shareholders."
Shares in Iconic last traded at 5.38 pence each in London on February 28.
By Hugh Cameron, Alliance News reporter
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Iconic Labs (ICON)