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25 Feb 2013 07:00
25 February 2013
Headlam Group plc
Headlam Group plc ("Headlam"), Europe's leading floorcoverings distributor, announces that on Friday 22 February, it entered into an agreement to acquire the business and certain assets of Hall's Floorings Limited, with completion anticipated to occur on Thursday 28 March 2013.
Hall's Floorings, a distributor of residential floorcovering based in Edmonton, north London, is a supplier to independent floorcovering retailers throughout most of England.
Revenue for the year ended 31 December 2012 was approximately £8.2 million.
On completion, initial consideration of approximately £472,000, will be payable and a further £243,000 will be incurred on settling an outstanding debt. A further £150,000 will be payable following verification of the fair value of assets acquired.
Subject to consultation with Hall's Floorings employees, it is proposed that the principal logistics will be operated from our existing Coleshill distribution centre, with a service centre being established in north London to preserve the autonomy and individual identity of Hall's Floorings.
End
25 February 2013
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