Ann: Sale of Retail ICT and Sprout Business, page-42

"$35m invested into 30+ new outlets or acquisition" I don't think so.
I think you will find that VTG have gone to the extreme where each outlet costs around $3m. At least that's my impression of the greenfield sites.
As to their earlier acquisitions, the Canberra based outlets (6 I think) were okay, maybe slightly overpriced, but it was their toe in the water. Their next purchase from what was the Total Face Group was a mixed bag of rubbish where they jettisoned/closed a few...It is here they picked up the name Artisan though.
Even so, VTG need to get to at least 80 to 100 to have anywhere near the scale they need. Capital raisings are almost locked in, if they go for it. But my bet is, in time, they will realize this is a bridge too far and they may become bait for either the privatized Laser Australia or SLK. Their multiple of 5 is apt for where they are and the journey they have travelled thus far. The real question is: what can they do from here? I'd love to be proved wrong.