6th Jun 2022 14:30
(Alliance News) - CMO Group PLC on Monday said it bought Whiteholme Ltd, which trades as clickbasin.co.uk.
The online-only building materials retailer acquired clickbasin.co.uk for a total of GBP1.25 million, of which GBP1 million is to be paid on completion and a further GBP250,000 is to be paid in six months.
CMO said that, in the year ended March 31, the Preston-based bathroom basin e-commerce company reported sales of GBP1.9 million and GBP360,000 earnings before income, tax, depreciation, and amortisation.
Further, the company said that clickbasin.co.uk operates in a market which is "complementary" to that of CMO's and therefore the acquisition will give a "foothold in a substantial potential market".
"clickbasin.co.uk, together with JTM Plumbing, will combine to form plumbingsuperstore.co.uk which will be launched in quarter three, providing a platform on which to further penetrate the c. GBP800 million online plumbing and heating market and use the power of our business model to provide leading choice and value to our customers," Chief Executive Dean Murray added.
CMO expects clickbasin.co.uk to contribute Ebitda of GBP50,000 to the company for the remainder of financial year 2022 and be accretive in its first full year of ownership.
Shares in CMO were down 2.3% to 105.00 pence each in London on Monday afternoon.
By Sophie Rose; [email protected]
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