Acquisition
24 April 2009 - 7:26PM
UK Regulatory
TIDMAPG
RNS Number : 1149R
Airsprung Furniture Group PLC
24 April 2009
24 April 2009
AIRSPRUNG FURNITURE GROUP PLC
("Airsprung" or "the Group")
Acquisition
Airsprung (AIM:APG), the supplier of manufactured and imported furniture, has
agreed to acquire the business and assets of Hush-A-Bye Limited ("Hush-A-Bye"),
a manufacturer and supplier of mattresses, for a total cash consideration of
GBP300,000. Airsprung will make an initial payment of GBP30,000 and a deferred
payment of GBP270,000 (subject to certain conditions). The value of the fixed
assets acquired is GBP13,000 and the balance relates to goodwill, business
information and intellectual property rights.
Hush-A-Bye had an operating profit of GBP84k for the year ended 30 September
2008. This acquisition will provide Airsprung with a complimentary distribution
network thereby enhancing access to its markets. The directors expect that this
addition to the Group will be profitable in the current financial year.
Peter Ball, a director and shareholder of Hush-A-Bye, will provide consultancy
services to Airsprung.
For further information, please contact:
+----------------------------------------+----------------------------------+
| Tony Lisanti, Chief Executive | |
+----------------------------------------+----------------------------------+
| Airsprung Furniture Group PLC | 01225 779 114 |
+----------------------------------------+----------------------------------+
| | |
+----------------------------------------+----------------------------------+
| Azhic Basirov | |
| Barrie Newton | |
+----------------------------------------+----------------------------------+
| Smith & Williamson Corporate Finance | 020 7131 4000 |
| Limited | |
+----------------------------------------+----------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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