Acquisition of Harcostar Garden Products
January 28 2009 - 2:00AM
UK Regulatory
TIDMSTT
RNS Number : 3476M
Straight PLC
28 January 2009
Date: 28 January 2009
On behalf of:Straight plc ("Straight" or "the Group")
Embargoed until:0700hrs
Straight plc
Acquisition of Harcostar Garden Products
Straight plc (AIM: STT), the recycling products and services group, announces
the acquisition of all the assets and trade of Harcostar Garden Products from
Harcostar Drums Limited for a consideration of GBP400,000 in cash. The
consideration is to be paid in two instalments: GBP250,000 to be paid
immediately and GBP150,000 on 1 April 2009.
Harcostar Garden Products is a long established premium brand providing water
butts, compost bins, watering cans and accessories to the trade sector in the UK
and Europe.
For the year ended 31 December 2008, Harcostar Garden Products reported turnover
of GBP1.04m with gross profit of GBP0.38m.
The Group believes that the acquisition will be earnings enhancing for the
financial year ended 31 December 2009. It also believes that the acquisition
will offer considerable scope to expand and develop the Harcostar range,
cross-sell its existing products and enable it to benefit from Harcostar's well
established relationships and distribution channels in the UK and Europe.
Commenting on the acquisition, Jonathan Straight, Chief Executive of Straight
plc said:
"This acquisition provides us with the addition of a premium brand to our
portfolio which will compliment our existing product range. We also believe it
will allow us to benefit from Harcostar's excellent relationships in the UK
and Europe".
For further information, please contact
+-----------------------------------------------+---------------------------+
| Straight plc | |
+-----------------------------------------------+---------------------------+
| James Newman, Chairman | 07850 672 727 |
| Jonathan Straight, Chief Executive | 0113 245 2244 |
+-----------------------------------------------+---------------------------+
| | |
+-----------------------------------------------+---------------------------+
| Panmure Gordon | |
+-----------------------------------------------+---------------------------+
| Andrew Godber / Katherine Roe | 0207 459 3600 |
+-----------------------------------------------+---------------------------+
| | |
+-----------------------------------------------+---------------------------+
| Redleaf Communications | straight@redleafpr.com |
+-----------------------------------------------+---------------------------+
| Paul Dulieu / Sam Robbins | 0207 566 6700 |
+-----------------------------------------------+---------------------------+
Notes to Editors
* Straight plc was established in 1993, by Jonathan Straight, to supply container
solutions for source separated waste. Initially one man and a desk, the company
grew to become the UK's leading supplier of kerbside recycling boxes as well as
a key supplier of other types of waste and recycling container solutions.
* Following sustained growth, Straight joined AIM in 2003 with a view to fuelling
further growth.
* In 2005, Straight acquired Blackwall Limited, the UK's largest supplier of home
composters and water butts. Since integrating the two businesses, Straight now
provides a wide range of waste and recycling solutions to local authorities, the
waste industry and general businesses. Through the Blackwall brand Straight
delivers environmental garden products directly to end users in partnership with
local authorities and utilities.
* Further information about the company and its products can be found at:
www.straight.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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