9 Jul 2015 07:00
9 July 2015
Legendary Investments Plc("Legendary")
Virtualstock Holdings Limited ("Virtualstock") contracts nationwide specialist consumer electronics retailer, Maplin Electronics Limited ("Maplin")
Legendary (AIM: LEG), the proactive investment company, is pleased to announce that its investee company, Virtualstock, has entered into a contract to supply Virtualstock Edge solutions to Maplin.
In 2012, a target was set by Maplin's CEO to grow online sales and increase consumer satisfaction, a key element to this initiative was the provision to fulfil online orders direct from manufacturers to the end customer. Virtualstock drop ship solutions were identified to deliver on Maplin's initiatives, streamlining product collaboration and order management, while dramatically improving back office system efficiencies and enhancing supplier relationships.
Virtualstock first started to work with Maplin mid-last year piloting Virtualstock Edge with Maplin to implement Virtualstock drop ship solutions to expand Maplin's dropship supplier base while streamlining order management processes.
Virtualstock Edge is a cloud based platform which allows information to flow between any set of fragmented systems, without disruption to any existing IT landscape. It allows seamless connection between any number and type of internal or external IT systems and platforms and can be applied over a range of applications and sectors.
Virtualstock dropship solutions utilise Virtualstock Edge to enable retailers to expand greatly their online range without the risks and costs associated with taking on additional inventory. Online orders taken by retailers are fulfilled directly from suppliers to the end consumer.
Virtualstock drop ship tools have enabled Maplin Electronics to quickly add new suppliers and product ranges to their online offer, as well as providing the functionality to expand existing manufacturer relationships.
Maplin Electronics commented:
"Using The Edge has enabled us to cut down the time spent processing product data from suppliers which has meant a much faster product speed to market. Having all our orders in one place also helps us create a better service."
Ed Bradley Co-Founder of Virtualstock, commented:
"It's been a great year working alongside the Maplin Team and we very much look forward to building on and expanding our successful collaboration."
Zafar Karim, Executive Chairman of Legendary, commented:
"Since the growth fund raise of April 2014 at a valuation of £25.4 million, Virtualstock has been working with several new customers and expanding business with its existing customers. Virtualstock Edge solutions suite is being used internationally by an increasing number of leading retail players, and it is well on its way to becoming an industry standard utility for inventory, supply and logistics value chain and data management.
"Significantly, in addition to continuing growth in the retail sector, Virtualstock Edge is sector agnostic. Utilising agile, open source technology, Virtualstock Edge is a unique way for information to flow between any set of fragmented systems, without disruption to any existing IT landscape. Virtualstock Edge is disruptive in the costly and time-consuming process of systems integration."
- Ends -
For further information, please contact:
Legendary Investments Plc | Zafar Karim / Thomas Reuner
| 020 8201 3536 |
Grant Thornton UK LLP
| Colin Aaronson/ Melanie Frean / Harrison Clarke | 020 7383 5100 |
Beaufort Securities Limited
| Saif Janjua | 020 7382 8300 |
Peterhouse Corporate Finance
| Duncan Vasey/Heena Karani | 020 7469 0933 |
About Legendary Investments Plc
Legendary Investments Plc is a proactive investment company that focuses on making investments in and assisting companies which exhibit the potential to generate returns of many multiples through capital appreciation. Typically, Legendary invests in small companies where there are clear catalysts for value appreciation and the companies are operating in sectors exhibiting long term growth. Examples of such sectors include technology, energy and natural resources.
For more information, visit www.leginvest.com
About Virtualstock Holdings Limited
Virtualstock is a disruptive, British software company at the forefront of today's technology revolution. With a decade of cloud expertise, Virtualstock delivers radical solutions, enabling organisation's to plan, grow and achieve their most ambitious missions.
Virtualstock's game changing approach challenges the costly and time-consuming process of traditional systems integration. Utilising agile, open source technology, the Virtualstock team has developed a unique way for information to flow between any set of fragmented systems, without disruption to any existing IT landscape. Data is seamlessly collated, enriched, mapped and validated, allowing only trusted, reliable information to be deployed across the enterprise.
www.virtualstock.co.uk
About Maplin Electronics Limited
Maplin Electronics is the UK's leading electronics specialist and has more than 40 years' experience of bringing affordable tech solutions to consumers throughout the UK.
Its website offers more than 30,000 products along with advice through live chat and helpful videos. With more than 200 stores in the UK and Ireland, its Maplineers - in store staff - are experts on the innovative products it sells and can offer invaluable advice to help provide tech and electronic solutions to everyday problems.
Maplin Electronics sold more than 10,000 drones last year alone as the electronics retailer captured the UK's demand for such advanced technology.
The company is based in Rotherham, South Yorkshire and its CEO is John Cleland.
www.maplin.co.uk