Last checked at 19 Aug 2010 07:00
19th August 2010
Completion of Acquisition of Garden Centre Online
Flying Brands Limited is pleased to announce that it has now completed the acquisition of Garden Centre Online.
Garden Centre Online is an Internet retailer selling gardening hardware products ranging from products to help you to "grow your own" to garden furniture.
The consideration to be paid is expected to be £0.13m. The turnover of the business in the 12 months to August 2009 was £1.25m which generated a loss before tax of £0.11m. It is anticipated that for the period to 31 August 2010, sales will be similar to 2009 with a small loss before tax.
Stephen Cook, Chief Executive said "The acquisition of Garden Centre Online is another example of our strategy of acquiring businesses in areas that are complementary to our existing product range and that enable us to leverage our growing customer base. It will increase further our online sales and we look forward to being able to offer our existing customers a wide range of great value-for-money hardware products."
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 and Flowers Direct 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)
·; Entertainment (Listen2, a mail order audio books, nostalgic music, DVD and video home shopping retailer)
More information can be found at: www.flyingbrands.com