Embargoed: 07.00hrs, Tuesday 4th July 2006
International Brand Licensing plc
Appointment of New Admiral Licensee in Turkey
International Brand Licensing Plc ("IBL") announces the appointment of Diethnis
Athlitiki Ltd ("Diethnis") as its new Admiral licensee for the territory of
Turkey.
Under a ten year agreement, IBL will receive guaranteed minimum royalties of £
550,000 with over two thirds of this amount payable in the first five years.
Furthermore, projected sales revenues indicate that significantly higher
returns will be generated throughout the term.
Tony Hutchinson, IBL's Chief Executive, comments: "We are delighted to have
concluded this agreement with Diethnis following its recent acquisition of the
Admiral trademarks for Greece and Cyprus, announced on 29th June. With its
rapidly developing economy and possible accession to the EU, Turkey offers
significant opportunities for the Admiral brand in the coming years.
Diethnis has invested heavily in Admiral over the past ten years, and its
proven success in developing an extensive Admiral retail network in Greece will
provide a powerful foundation upon which to build the Admiral brand in Turkey.
Having sold the Admiral trademarks in Greece and Cyprus for a cash
consideration of £775,000, this appointment and the minimum royalties it
delivers guarantees IBL a valuable ongoing revenue stream in the eastern
Mediterranean, and also demonstrates the increasing value of the Admiral brand
on a global scale."
Admiral is the exclusive kit sponsor of the England and West Indies cricket
teams, as well as Leeds United Football Club.
For further information please contact:
Tony Hutchinson
0041-79-468-9450
Adam Reynolds
020 7823 1733
International Brand Licensing plc