CPR.L Regulatory News (CPR)

1 Apr 2008 07:01

Carpetright PLC01 April 2008 Carpetright plc ("Carpetright") Acquisitions Carpetright, Europe's leading specialist carpet and floor coverings retailer,today announces acquisitions in the UK and The Netherlands. UK Carpetright has completed the acquisition of Melford Commercial PropertiesLimited ("Melford"), the parent company of Carpetworld Manchester Limited ("Carpetworld"), a floor covering retailer based in the North West of England.Melford is being acquired from Jensen Group A/S of Denmark. Carpetworld operates from 13 locations and has approximately 85 employees.Melford owns four freehold stores and two long leasehold stores, which are alloccupied by Carpetworld. In the year to 31 December 2006 Melford's auditedconsolidated turnover was £7.1 million and its profit before taxation was £0.6million. At 31 December 2006 Melford's consolidated gross assets were £16.8million. Consideration for the acquisition will be £7.2 million in cash. In additionCarpetright will assume approximately £7.8 million of net debt. The totalconsideration will be satisfied from Carpetright's existing resources. The Netherlands In addition, Carpetright has reached an agreement to purchase the assets andbusiness of Ben de Graaff Tapijt, a retailer of floor coverings and curtains/blinds based in the South of The Netherlands. The business was founded over 35years ago and trades from 11 locations. Consideration for the acquisition willbe approximately €8.0 million in cash, of which approximately €4.0 million willbe in respect of inventories. The acquisition is expected to complete on 30June 2008. Commenting on the acquisitions Lord Harris of Peckham, Chairman and ChiefExecutive of Carpetright, said: "The acquisition of Melford gives us a good presence in the North West ofEngland, an area where we are not currently well represented. We seeopportunities to further develop this business and deliver attractive returns toour shareholders. It is intended that the Carpetworld stores will ultimatelytrade under either the Carpetright or Storeys retail brands, and we will workwith the existing staff to further develop our offering in the region. Ben de Graaff is a similarly well established business, with a strong positionin its local market. Once completed, this acquisition will further improve ourpresence and service offering in The Netherlands." For further enquiries please contact: Carpetright plc Lord Harris of Peckham, Chairman and Chief ExecutiveJason Grover, Interim Group Finance Director 01708 802000 Citigate Dewe RogersonKevin Smith / Fiona Mulcahy 020 7638 9571 This information is provided by RNS The company news service from the London Stock Exchange