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20 Jan 2011 13:43
20 January 2011
Flying Brands Limited
Completion of acquisition of majority holding in Dealtastic Holdings Limited
Flying Brands Limited ("the Group") is pleased to announce that it has acquired a further 30% stake in Dealtastic Holdings Limited ("DHL") from Jonathan Ruff.
As a result of this purchase the Group now owns 80% of the shares of DHL and Mr. Ruff and related parties own the remaining 20%. DHL has in turn acquired the 50% of dealtastic.co.uk and promomachine.co.uk that it did not already own and has also acquired the staff of Click Marketing, which will significantly enhance the Group's web development and digital marketing capabilities.
The consideration payable for the shares in DHL will be entirely dependent on the performance of that company in the 12 months ending 31 December 2011 and the maximum consideration payable to Mr. Ruff and related parties will be £1.1m. In order for that level of consideration to be payable the profits of DHL during that period would have to exceed £0.76m. The consideration will be satisfied by the issue of ordinary units in Flying Brands at a price of £0.75 a unit.
Commenting on the acquisition Stephen Cook, chief executive of Flying Brands said, "The acquisition of a majority interest in dealtastic.co.uk will further strengthen and expand Flying Brands' presence in Internet retailing and we are looking forward also to working with the Dealtastic team to improve our existing websites in gardening and gifts including gardeningdirect.co.uk, flyingflowers.co.uk and flowersdirect.co.uk. Dealtastisch.de and dealtastique.fr will also be Flying Brands' first international web sites."
For further information, please contact:
Flying Brands Limited 01245 228 300
Stephen Cook, Chief Executive
Anthony Gee, Finance Director
Smithfield Consultants 020 7360 4900
John Kiely
Notes to editors
Jersey based Flying Brands Limited (LSE: FBDU) is a multi brand and multi channel home shopping specialist. Founded in 1981, it was admitted to the Official List of the London Stock Exchange in 1993. The Group operates the following divisions:
·; Gifts (Flying Flowers, Flowers Direct and Drake Algar making the company one of the UK's leading florists)
·; Garden (Gardening Direct, one of the UK's largest mail order bedding plants and gardening products operations; Garden Bird Supplies, a leading provider of food and accessories for birds and other wildlife; Garden Centre Online an internet retailer of garden hardware products)
·; Entertainment (Listen2, a mail order audio books, nostalgic music, DVD and video home shopping retailer)
More information can be found at: www.flyingbrands.com
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