6th Nov 2008 09:25
To : Company Announcements Office
Primary Markets Division
The London Stock Exchange
Company announcements Tel 0207 797 4400
For immediate release
6 November 2008
Headlam Group plc
Headlam Group plc, Europe's leading floorcovering distributor, announces that on 5 November 2008 it acquired the trade and assets of Silvester, a supplier of residential products to independent retailers throughout the Netherlands.
Turnover for the year ended 31 December 2007 was Euro 3,100,000.
The total consideration, which is payable in cash, amounts to Euro 697,548 with Euro 647,548 paid on completion and Euro 50,000 payable four months after completion. Fair value net assets acquired are Euro 497,548 verified by a completion statement.
Silvester has been relocated to our distribution centre in Zutphen, where it will operate autonomously. The new distribution facility currently under construction, which will be operational in the spring of 2009 and the acquisition of Silvester further strengthens our position in the Netherlands.
Enquiries: Tony Brewer Headlam Group Chief Executive
Steve Wilson Headlam Group Finance Director
Tel: 01675 433000
End
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