Ann: Entry into UK Market, Acquisition and Equity Raising, page-15

I didnt say it would be a success, just that it is a lower risk strategy than some of the other failed attempts, which were basically just buying a big chunk of market share and lots of goodwill on the balance sheet.

If I'm honest, NCK doesnt really have much of a moat other than some scale advantages in Aus. Other UK players will have similar advantages there, and IMO furniture is a commoditised industry driven by price.

I think its credible they improve margins with increased buying power as mentioned in the announcement, but building the brand and that having success is unknown.

You mentioned some other examples of middling success overseas success, which is basically more revenue but at lower margin than in the home market. I'd imagine that will be the case here, but I'm no expert in the UK furniture industry!

Really great examples of overseas success would be Aristocrat, CSL, Cochlear and James Hardie, mostly in the US.