21st Jun 2007 07:01
Medsea Estates Group PLC21 June 2007 For immediate release 21 June 2007 MEDSEA ESTATES GROUP PLC ("Medsea "or "the Company") ESTABLISHES FURNITURE COMPANY JOINT VENTURE TO SUPPLY ITALIAN PROPERTY MARKET Mediterranean-based property group Medsea has acquired a 50 per centshareholding in a new Spanish-registered company, NGM Nuevas GestionMediterranea SI which commenced trading on June 11th 2007. The Company'sobjective is to capitalise on the demand for furnishings for properties whichMedsea is selling in Calabria, Italy. The other 50 per cent shareholder isMuebles NG, a leading supplier of furniture to the property market in Spain. Medsea has had a collaboration agreement with Muebles NG for the last fouryears, receiving commission on furniture sold to its clients. Based on thisexperience, Medsea envisages a similar opportunity for the new joint venture toachieve success in Italy. Medsea's investment in NGM Nuevas Gestion MediterraneaSI amounts to €10,000. Says Medsea's Chairman Tony Gatehouse: 'An important part of our role in workingwith buyers is to make the acquisition of an overseas property as hassle-free aspossible. Helping them furnish a property hundreds of miles away from where theyare currently living is something we have been doing for a long while. We haveestablished this joint venture in order to expand this service and maximise thereturns to Medsea. 'We believe the Italian market will prove very receptive to the type of productsand service this new company offers. We are currently selling around 70 units amonth in Calabria. When you consider that the average price for a furniture packis €7,000, and Medsea will receive a commission on each sale - in addition toits share of the joint venture's trading profits - the financial returns couldbe significant.' For further information please contact: Medsea Estates Group PLCTony Gatehouse, ChairmanJuan Carlos Rodriguez Martinez, Chief Executive 0034 96 570 40 02 HB CorporateImran Ahmad/ Edward Hutton/ Rachel Kane 020 7510 8600 Weber Shandwick FinancialTerry Garrett/ Alex White/ John Moriarty 0207 067 0700 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Craven House Capital