12th Jun 2006 07:00
Findel PLC12 June 2006 12th June 2006 Findel plc ("Findel" or "the Company") Acquisition of Letterbox Mail Order Ltd Findel plc today announces the acquisition of the whole of the issued sharecapital of Letterbox Mail Order Ltd, one of the UK's leading mail order andinternet retailers of innovative children's gifts and toys, for a cashconsideration of £7m. In the year to 31 August 2005, Letterbox had revenues of£10m. This acquisition is in line with the Company's stated strategy ofundertaking acquisitions to enhance and complement the current home shoppingdivision. Based in Cornwall, Letterbox was established by the principal shareholdersDeborah Kilmartin and John Williams in 1987 after they identified a gap in themarket for imaginative traditional products for children. Over the past 19years Letterbox has grown to become a highly successful brand and the UK'slargest independent children's mail order business with an award winning websiteat www.letterbox.co.uk. The business will continue to operate from its Cornwallheadquarters, however the Company anticipates there will be synergies to begained for the home shopping division following the acquisition. Patrick Jolly, CEO of Findel commented: "Letterbox is a good strategic fit within the Findel group and this acquisitionis the first step in our stated move to complement our existing credit basedhome shopping business and expertise with a strong brand aimed at ABC1 customercategories." - Ends - For further information please contact: Patrick Jolly /David Dutton Findel plc Tel: 01943 864686 Jonathon Brill/Billy Clegg Financial Dynamics Tel:020 7269 7273 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
STU.L