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- Release Date: 04/03/13 10:31
- Summary: ASSET: WHS: The Warehouse Group expands multichannel presence
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WHS
04/03/2013 08:31
ASSET
REL: 0831 HRS The Warehouse Group Limited
ASSET: WHS: The Warehouse Group expands multichannel presence
THE WAREHOUSE GROUP LIMITED
The Warehouse Group expands multichannel presence
The Warehouse Group announces that it has signed an agreement to acquire 51%
of the shares of Torpedo7 Limited, a leading New Zealand online retailer
operating through the Torpedo7, 1-day and Urban Daddy websites in New Zealand
and Australia.
Under the terms of the agreement The Warehouse Group will acquire 51% of the
shares of Torpedo7 Limited for up to $33M. The amount to be paid on
settlement is $20M, with the performance-related balance payable over 3
years. The other 49% of the shares of Torpedo7 Limited will be held by
existing shareholders. Settlement is expected to occur in early April 2013.
The management team of Torpedo7 and its related companies have proven
expertise in developing and growing online businesses and have attracted
substantial and loyal customer bases to their websites. The management team,
which includes Torpedo7's founders, will continue to manage the Torpedo7
companies. Torpedo7 will remain based in Hamilton as a standalone business,
separate and distinct from The Warehouse Group's other retail brands.
Graham Evans, The Warehouse Group Chairman said "the strategic partnership
created by the purchase of a majority shareholding in Torpedo7 Limited is
another example of our continued focus on the expansion of our multichannel
business, enabling us to offer customers a retail experience when, how and
where they want it across a broader range of products."
Further information will be provided at the time of the half year result
announcement on 8 March 2013.
ENDS
Background: The Warehouse Group Limited
The Warehouse Group Limited comprises 92 Warehouse stores, 92 Noel Leeming
Group Limited stores and 59 Warehouse Stationery stores in New Zealand. The
company had turnover of $1.7 billion in F12 and employs over 10,000 people.
Contact details
Investors and Analysts
Stephen Small
Chief Financial Officer
Cellphone: +64 21 714 159
Mark Powell, Group CEO to be contacted via Kim Russell on
Phone: +64 9 488 3285
Cellphone: +64 21 452 860
End CA:00233701 For:WHS Type:ASSET Time:2013-03-04 08:31:24
