30 Oct 2012 07:00
30 October 2012
Legendary Investments Plc
("Legendary" or the "Company")
Investment into VirtualStock Limited
Legendary is pleased to announce that it has negotiated a small minority stake in VirtualStock Limited ("VS") for a consideration which includes strategic, financial and business consultancy services to assist VS to develop rapidly its business and just over £50,000 in cash. In addition, Legendary has negotiated an option to double its stake in VS at an increased valuation.
Founded in 2004, VS is a cloud-based software as a service ("SaaS") business which enables retailers to increase dramatically the range of products they sell online without the associated costs of and risks of holding stock. VS SaaS creates centralised managed environments between retailers and their suppliers enabling fully managed end-to-end drop-ship solutions. As well as reducing costs and risks to its customers, VS SaaS enables its customers to sell online globally via localised web sites in local languages and currencies, with local payment processing and search engine optimisation.
VS's customers span a range of industries, from fashion to consumer electronics, books and stationery, computer hardware and power tools and DIY.
The growth in online sales continues to outperform traditional sales. The UK has over 37 million online consumers who spent over £68 billion in internet purchases in 2011. Despite a stagnant overall economic environment, online sales grew at 16% in 2011. The internet presents traditional channel retailers with challenges and opportunities. VS SaaS enables traditional channel retailers to reduce costs and risks and rapidly and effectively deploy online in the UK and globally.
Further information on VS can be found at http://www.virtualstock.co.uk/
VS, with Legendary's input, aims to expand rapidly its highly scalable business over the immediate and medium-term in order to maximise long-term strategic value.
Contact: | ||
Legendary Investments Plc | Zafar Karim / Thomas Reuner
| 020 8201 3536 |
Grant Thornton Corporate Finance
| Colin Aaronson/ Melanie Frean
| 020 7383 5100 |
Simple Investments | Nick Emerson/ Andrew Thacker | 01483 413500 |