Business
Acquisition of new stores
Acquisition of new stores.
About this update from Wynnstay Group Plc
[{"type":"text","content":"\n Wynnstay Group PLC\n13 December 2007\n\nWYN.L\n13 December 2007\n\n WYNNSTAY GROUP PLC\n ('Wynnstay' or 'the Group')\n\n Acquisition of Two New Stores\n\nWynnstay, the agricultural supplies and rural retail business, is delighted to\nannounce that it has acquired the goodwill and certain assets of Wrekin Country\nStores ('Wrekin').\n\nWrekin has two stores in attractive retail locations, in Wellington, near\nTelford, and Stafford. Each store sells a range of agricultural requisites,\ngardening, equine and pet products, as well as rural clothing, to both farmers\nand the wider rural community. As such, they represent an excellent fit with\nWynnstay's existing country store format. For the year to 31 May 2007, the\nbusiness generated a turnover of £1.6m.\n\nWynnstay currently has 27 stores which cater for the farming and rural\ncommunity, located across North & Mid-Wales, Shropshire, Staffordshire,\nHereford, Worcestershire and Lancashire. The addition of these two new stores\nstrengthens the Group's presence in the Border counties.\n\nThe Group has a strong history of successfully integrating retail acquisitions,\nwith the introduction of its strategy historically driving margin improvements\nat acquired stores. The Group believes that there is excellent potential for\ngrowth at both stores and following the acquisition, intends to introduce\nimproved purchasing, marketing and product offering in line with the practices\nin place at existing stores.\n\nThe initial consideration is £7,000 with a deferred consideration element\ndependent on certain performance criteria for the two years following\ncompletion. As part of the transaction, Wynnstay will acquire stock worth\napproximately £260,000 and other assets of £32,500.\n\n\nCommenting on the acquisition, Bernard Harris, Managing Director of Wynnstay\nsaid,\n\n'Wynnstay has in-depth experience of the retail market, with 27 country stores\nin Wales and the Border counties, and an excellent track record in integrating\nnew stores.\n\nWe are confident that we can use our expertise to maximise both stores'\npotential and we look forward to working together to grow the business.'\n\nPress enquiries:\n\nWynnstay Group plc Bernard Harris, Managing Director T: 01691 828512\n Paul Roberts, Finance Director\n\nBiddicks Katie Tzouliadis T: 020 7448 1000\n\n\n\n\n\n\n This informa...