Business
Acquisition of 18 stores trading as The Money Shop
Acquisition of 18 stores trading as The Money Shop.
About this update from Ramsdens Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 6678R Ramsdens Holdings PLC 04 March 2019 \n\n \nRamsdens Holdings PLC\n \n(\"Ramsdens\", the \"Group\", the \"Company\")\n \nAcquisition of 18 stores trading as The Money Shop\n \n· Ramsdens announces the acquisition of the business and certain operating assets of a selected portfolio of stores currently trading as The Money Shop for a consideration of £1.5million, payable in cash.\n· The 18 acquired stores will be rebranded as Ramsdens in the coming weeks and will incorporate the full breadth of the Group's customer proposition. \n· The acquisition supports the Group's continued delivery of its growth strategy to expand Ramsdens' reach across communities in the UK.\n \nRamsdens, the diversified financial services provider and jewellery retailer, is pleased to announce the acquisition of the business and certain operating assets of a portfolio of 18 stores trading as The Money Shop from Instant Cash Loans Limited (the \"Acquisition\") for a total consideration of £1.5million. The purchase price includes c£0.4m of goodwill and c£1.1m of assets. The Acquisition consideration will be satisfied in cash. Under the terms of the Acquisition, Ramsdens will acquire the pawnbroking loan books of the 18 stores and of five other The Money Shop stores which are to close. \n \nThe Acquisition supports the Group's stated growth strategy of expanding Ramsdens' presence and reach in the UK market and enables the Group to leverage the significant investments made in recent years in its brand, IT systems and people. The acquired stores are primarily located in the North West of England and Scotland and will be rebranded as Ramsdens over the coming weeks. \n \nThe Group believes there is significant potential to build upon the existing foreign exchange proposition in these stores and to improve performance through the expertise of the Group's management team. In addition, the Board believes there is growth potential arising from introducing the Group's growing jewellery retail offering into the majority of the acquired stores.\n \nThe Board anticipates that the acquired stores will make a small contribution to Group PBT in FY 2020 after factoring in integration costs including those relating to refits, rebrandin...