Ramsdens Holdings Acquires Four Stores Trading as The Money Shop, 12 Loan Books.
MANews-(C)2009-2019
29 May 2019 - UK-based financial services provider and jewellery retailer Ramsdens Holdings plc (LSE: RFX) has acquired four stores currently trading as The Money Shop and 12 loan books from Instant Cash Loans Ltd. for a total consideration of GBP 0.5m (USD .63m), which will be satisfied in cash, the company said.
The purchase price includes the acquisition of GBP 0.3m of pawnbroking loan book.
This announcement follows the Group's successful acquisition of 18 The Money Shop stores and five loan books from Instant Cash Loans Ltd. in March 2019, and supports the group's said growth strategy of expanding its presence across target regions in the UK.
The acquisition will also enable Ramsdens to further leverage the significant investments in brand, IT and people made in recent years. Following the acquisition, Ramsdens now has 163 stores in the UK.
The acquired stores will be rebranded as Ramsdens over the coming weeks and the full breadth of the Group's customer proposition will be incorporated into the stores.
As with the group's previous acquisition announced in March, the board believes that there are significant opportunities for Ramsdens to build upon the existing foreign exchange proposition in the acquired stores and to improve their performance through the expertise of the Group's management team.
The board anticipates that in FY20 there will be a small contribution to PBT as the Group invests in integration costs including those relating to refits, rebranding, training and IT integration.
It is expected that this acquisition will contribute approximately GBP...
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