30th Dec 2024 11:20
(Alliance News) - Huddled Group PLC on Monday said it has agreed to acquire the remaining 25% holding in Boop Beauty Ltd, taking its ownership of the direct-to-consumer retailer to 100%.
The Nottingham, England-based investor in e-commerce brands will buy the 25% stake from founder Yasmine Amr for GBP100,000, which will be satisfied via the issue of 3.2 million new Huddled shares.
These shares will be issued no later than May 27 and will be subject to a six-month lock-in, followed by a 12-month orderly market agreement.
Shares in Huddled Group were down 4.0% at 2.83 pence each in London on Monday morning.
Boop specialises in the sale of excess beauty and cosmetic products, working with luxury beauty and wellness brands "to help them sell remnant, surplus and discontinued products in a responsible and brand friendly manner".
The sale follows Huddled's acquisition of a 75% stake in the business in July this year.
Founder Amr, who worked as legal counsel at L'Oreal SA from mid-2019 to October 2023, will stay on at Boop Beauty as a non-executive director.
Huddled Chief Executive Officer Martin Higginson said: "We see the acquisition of the remaining 25% stake in Boop Beauty as a significant development of our portfolio of circular economy brands, and we look forward to working with Yasmine to realise Boop Beauty's full potential."
By Emily Parsons, Alliance News reporter
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