Acquisition
March 07 2003 - 10:26AM
UK Regulatory
RNS Number:4673I
Creightons PLC
07 March 2003
Creightons plc
("Creightons", "the Company" or "the Group")
Creightons is pleased to announce that it has agreed to acquire (through a
wholly owned subsidiary) the brands, goodwill and international intellectual
property rights ("IPR") of Nemesis Toiletries Limited (in Administration) on 7
March 2003.
The IPR relates to a number of branded and private label personal care products,
including the well-known name Potter & Moore. The consideration of #200,000 has
been satisfied in cash.
The Board of Creightons expects the Company to benefit from the extended product
range, and believes that the Company's turnover will receive a modest boost.
Potter & Moore is a long-established quality private label supplier. The
acquisition will enhance the Group's ability to innovatively serve major retail
customers. The two businesses will continue to run separately on a day-to-day
operational basis, ensuring continuation of existing customer and supplier
relationships whilst giving an enhanced opportunity for further product
development and service improvements.
Creightons' Executive Chairman, William McIlroy said: "The Board is very excited
with the acquisition. It will give us the opportunity to build on both
businesses' established positions in the personal care market; benefiting our
customers, suppliers and shareholders.
"This acquisition is part of the Company's strategy to build the existing
Creightons personal care operations into a viable, profitable business," Mr
McIlroy added.
This information is provided by RNS
The company news service from the London Stock Exchange
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