Member Article

West Yorkshire merchandise firm Concept acquired for £5 million

West Yorkshire based Concept Merchandise Ltd. has been acquired by Jersey-based LiteBulb, the branded product developer, for a consideration of £5 million.

Concept has been profitable for the last six years and recorded turnover of £7.5 million and profits before tax of £1.1 million for year ended 31 December 2013.

Concept, which employs 17 in Brighouse, is expected to have a net asset position of over £3.8 million on completion, mainly in liquid assets.

LiteBulb is acquiring Concept for an initial consideration of £5 million, to be satisfied as to £4.75 million in cash and £250k in ordinary shares.

Simon McGivern, CEO of LiteBulb, commented: “I am delighted to welcome another cash generative, highly complementary business to the Group as we continue to deliver on our growth strategy.

“Concept’s expertise in a new sector for us further extends our product offering and we see this as a great opportunity to cross-sell our products across a much wider range of retail relationships.

“Current trading within the Group remains strong, particularly in the build up to Christmas, and I am delighted that a number of Shareholders, both Institutional as well as High Net Worth Individuals, have again supported us through their participation in the Loan Notes subscription.”

This was posted in Bdaily's Members' News section by Clare Burnett .