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8 Dec 2008 11:32
Carpetright acquires Sleepright
Carpetright plc, Europe's leading specialist and carpet retailer, is pleased to confirm the completion of the purchase of Sleepright UK Ltd ("Sleepright"), negotiations for which were disclosed in the pre-close Trading Update issued on 28 October 2008.
Sleepright is one of the UK's leading bed retail specialists and currently operates from 93 outlets within Carpetright stores.
The total consideration is ÂŁ1.8m, of which ÂŁ0.8m has been paid, funded from internal resources. The remaining ÂŁ1.0m is dependent on the achievement of specific profit targets for this business in the year to April 2010.
Commenting on the acquisition Chairman and Chief Executive Lord Harris of Peckham said:
"I am delighted that we have been able to acquire Sleepright. We see significant opportunities to develop the business, which is complementary to Carpetright, and there are important synergies for us to exploit and deliver attractive returns to our shareholders."
For further enquiries please contact:
|
Carpetright plc Neil Page, Group Finance Director |
01708 802000 |
|
Citigate Dewe Rogerson Kevin Smith/Angharad Couch |
020 7638 9571 |
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