2nd May 2007 07:01
Carpetright PLC02 May 2007 Acquisition of Storey Carpets Limited ("Storeys") Carpetright announces that it has reached an agreement to acquire Storeys, afloor covering specialist retailer based in the North East of England. Storeys was founded over 80 years ago and trades from 30 locations. In the yearto 3 March 2006 sales were £32.8 million. The acquisition will be for an initial consideration of £18.5 million with afurther potential £1 million. The majority of the consideration will be satisfied in cash with the balance of £0.5 million satisfied through the issue of new Carpetright shares to one of the vendors. A listing application has been made for 47,529 Ordinary Shares of 1p each inCarpetright to be admitted to the Official List of the UK Listing Authority andto trading on the London Stock Exchange. They will rank pari passu in allrespects with the existing issued Ordinary Shares of Carpetright. Commenting on the acquisition Lord Harris of Peckham, Chairman and ChiefExecutive, said: "I am delighted that we have been able to acquire Storeys. The business has astrong heritage and presence in the North East, an area where we are not wellrepresented at present. We see significant opportunities to develop the businessand deliver attractive returns to our shareholders. Storeys will continue totrade as a stand alone operation under its existing retail brand. John Kitching,CEO of our Europe businesses, will become Chief Executive of Storeys and willwork with the existing management team, including Simon Heptinstall, grandson ofthe original founder, to deliver these benefits." For further enquiries please contact: Carpetright plcIan Kenyon, Group Finance Director 01708 525522 Citigate Dewe RogersonKevin Smith / Fiona Mulcahy 020 7638 9571 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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