13th Jun 2005 07:00
Torex Retail PLC13 June 2005 13 June 2005 TOREX RETAIL PLC CONTINUED EXPANSION OF EUROPEAN BUSINESS WITH €4.25 MILLION ACQUISITION OF LEADING GERMAN RETAIL WORKFORCE MANAGEMENT SYSTEMS SUPPLIER Torex Retail Plc ("Torex Retail" or "the Group"), the leading internationalsystems supplier, is pleased to announce that it has acquired HoffmannDatentechnik GmbH ("Hoffmann" or "the Company") for a total consideration of€4.25 million. This consideration will be satisfied by the payment of €2.50million in cash and €1.75 million by the issue of 1,146,465 new Torex Retailordinary shares payable on completion. Hoffmann is the leading supplier of workforce management and labour schedulingsystems to the German retail market. The Company has a base of over 2,500installed systems in some 300 customers in Germany, Switzerland, Austria,Belgium, Poland, Romania and the Czech Republic. The strong customer basecomprises some of Germany's largest retailers including Praktiker (Metro),Globus (Rewe), IKEA, Toys'R'Us, Douglas and EDKA. Hoffmann is based in near Bremen and in the year ended 31 December 2004 theCompany achieved revenues of €2.5 million. Chris Moore, Chief Executive of Torex Retail commented: "Hoffmann is a longstanding and well respected supplier to the European retailmarket. For a small business it has a fantastic blue chip customer base whichbears testimony to the strength of its product set and reputation for customerservice. We are already the market leader in the UK in labour scheduling with customerslike Tesco taking our solution and Hoffmann greatly increases our capabilityacross Europe. The acquisition will give rise to significant cross sellingopportunities in the German market and also provides a product which can be soldthroughout our business, including to the large US market." Application will be made for the 1,146,465 new shares to be issued pursuant tothe consideration for the acquisition to be admitted to trading on AIM.Admission is expected to become effective on 16 June 2005. Ends. Enquiries: Torex Retail plc 0870 050 9900Chris Moore, Chief ExecutiveRichard Thompson, Finance Director Citigate Dewe Rogerson 020 7638 9571Ginny Pulbrook / Seb Hoyle About Torex Retail plc Torex Retail is a leading independent provider of cutting edge retail technologysolutions to many of the world's principal retailers. Since the company'sflotation in spring 2004 Torex Retail has achieved rapid growth across all ofits markets and has rigorously pursued its goal of becoming the provider ofchoice. As a result, the company now has a presence in all of the major marketsaround the world and has built a strong platform for future growth in line withits strategy. Torex's Retail's product and solution set spans high street andout-of-town retail as well as the petroleum and convenience sector and with over2,000 blue-chip customer relationships, including Tesco, Woolworth, Selfridges,Shell and Argos, the company has earned a leading reputation amongst retailers.Torex Retail has more than 1,000 staff based across the UK, Europe, South-EastAsia and the United States. www.torexretail.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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