Clinton Cards announces the purchase of 196 Birthdays stores
Clintons has bought a total of 196 of the Birthdays Ltd ('Birthdays') stores from Birthdays, acting by its administrators, Zolfo Cooper.£3.25m of the £3.5m consideration will be discharged by way of a reduction in the amou nt owed by Birthdays to Clintons.
The 196 Birthdays stores that Clintons has purchased include 29 Birthdays stores which operate under Clintons leases.
Over the 12 months to 3 August 2008 the 196 stores had sales of £74m and made a contribution of £2.7m; they had a gross asset value of approximately £26m at 3 August 2008. The purchase of the Birthdays stores is expected to be accretive to earnings per share.
The stores will continue to be operated under the Birthdays brand, which Clintons has also acquired and will be managed from the Clintons Head Office in Loughton, Esse
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