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| Date | 2 Dec 2021 |
| Time | 07:00:05 |
| Category | Acquisitions and alliances |
| ID | 2948U |
2 December 2021
Gear4music (Holdings) plc
Completion of Acquisition of AV Distribution Ltd
The Board of Gear4music (LSE: G4M), the largest UK based online retailer of musical instruments and music equipment, announces that further to its announcement on 9 September 2021, it has completed the acquisition of AV Distribution Ltd.
Commenting on the announcement, Andrew Wass, Chief Executive Officer said:
"We are very pleased to have completed the acquisition of AV Distribution Ltd trading as AV Online, and welcome the team into the Gear4music Group.
AV Online is an online retailer of audio-visual equipment, including HiFi speakers and home cinema systems. With the launch of AV.com scheduled for January, we look forward to building on the profitable growth achieved by AV Distribution Ltd, and leveraging the strength of our e-commerce platform and our European infrastructure to accelerate our growth in this £2.7bn European market.
We are also pleased to report our systems and supply chain operations have performed well over the busy Black Friday and Cyber Monday period, and we continue to be confident that our full year financial results will be in line with the recently revised consensus market expectations*."
* Gear4music believes that consensus market expectations for the year ending 31 March 2022 are currently revenue of £149.2 million and EBITDA of £12.0 million.
ENDS
Enquiries:
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Gear4music Andrew Wass, Chief Executive Officer Chris Scott, Chief Financial Officer |
+44 (0)20 3405 0205 |
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Singer Capital Markets - Nominated Adviser and Joint Broker Peter Steel/Amanda Gray, Corporate Finance Tom Salvesen, Corporate Broking |
+44 (0)20 7496 3000
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Investec Bank plc - Joint Broker David Flin Alex Wright Harry Hargreaves |
+44 (0)20 7597 5970
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Alma PR - Financial PR Rebecca Sanders-Hewett Josh Royston Faye Calow |
+44 (0)20 3405 0205
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About Gear4music (Holdings) plc
Operating from a Head Office in York, Distribution Centres in York, Sweden, Germany, Ireland & Spain, and showrooms in York, Sweden & Germany, the Group sells own-brand musical instruments and music equipment alongside premium third-party brands including Fender, Yamaha and Roland, to customers ranging from beginners to musical enthusiasts and professionals, in the UK, Europe and the Rest of the World.
Having developed its own e-commerce platform, with multilingual, multicurrency websites delivering to over 190 countries, the Group continues to build its overseas presence.