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On 14 February 2024, AO World plc acquired certain assets from A1 Comms Limited (in administration), primarily the intellectual property rights to the websites affordablemobiles.co.uk, buymobiles.net, and mobileshop.com. The consideration for these assets was £2.2 million paid in cash, and the transaction saved 73 jobs.
| Date | 14 Feb 2024 |
| Time | 16:49:42 |
| Category | Acquisitions and alliances |
| ID | 1786D |
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
14 February 2024
AO WORLD PLC
Acquisition of assets from A1 Comms Limited (in administration)
AO World plc ("the Company" or "AO") today announces that it has acquired certain assets of A1 Comms Limited (in administration) (A1), principally the intellectual property rights in and to the websites www.affordablemobiles.co.uk and www.buymobiles.net (and Samsung url www.mobileshop.com) ("Brands and Platforms") (the Transaction)1.
The consideration for these assets was £2.2m paid in cash.
As AO seeks to expand its mobile proposition, the acquisition of the Brands and Platforms will provide AO with expertise and synergies that will accelerate this ambition. AO is also pleased to have saved 73 jobs through the Transaction.
1. The Transaction constitutes a class 2 transaction under the UK Listing Rules. For the year ended 30 April 2022 (the last date to which statutory accounts are available and prior to the appointment of the administrators to A1), A1 had gross assets of £41.6 million (the majority of which included contract assets and stock which are not being acquired in the Transaction) and profits of £0.5 million. There are no key individuals important to the Transaction.
The person responsible for arranging the release of this announcement on behalf of the Company is Mark Higgins, Director.
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AO World plc
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John Roberts, Founder and Chief Executive |
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Mark Higgins, Group CFO
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Powerscourt
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Tel: +44 (0)20 7250 1446 |
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Rob Greening Nick Hayns |
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About AO
AO World PLC, headquartered in Bolton and listed on the London Stock Exchange, is the UK's most trusted major electricals retailer, with a mission to be the destination for electricals. Our strategy is to create value by offering our customers brilliant customer service and making AO the destination for everything they need, in the simplest and easiest way, when buying electricals. We offer major and small domestic appliances and a growing range of mobile phones, AV, consumer electricals and laptops. We also provide ancillary services such as the installation of new and collection of old products and offer product protection plans and customer finance. AO Business serves the B2B market in the UK, providing electricals and installation services at scale. AO also has a WEEE processing facility, ensuring customers' electronic waste is dealt with responsibly. ______________________________
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Cautionary statement This announcement contains certain forward-looking statements (including beliefs or opinions) with respect to the operations, performance and financial condition of the Group. These statements are made in good faith and are based on current expectations or beliefs, as well as assumptions about future events. By their nature, future events and circumstances can cause results and developments to differ materially from those anticipated. Except as is required by the Listing Rules, Disclosure Guidance and Transparency Rules and applicable laws, no undertaking is given to update the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise. Nothing in this document should be construed as a profit forecast or an invitation to deal in the securities of the Company. This announcement has been prepared for the Group as a whole and therefore gives greater emphasis to those matters which are significant to AO World plc and its subsidiary undertakings when viewed as a whole. |