Gear4music completes acquisition of AV online
Online musical instruments retailer Gear4music has completed the acquisition of AV Distribution which trades as AV Online.
The company sells a range of audio-visual equipment including hi-fi speakers and home cinema systems.
Andrew Wass (pictured), chief executive of Gear4music, said: “With the launch of AV.com scheduled for January, we look forward to building on the profitable growth achieved by AV Distribution, and leveraging the strength of our e-commerce platform and our European infrastructure to accelerate our growth in this £2.7 billion European market.”
Giving an update on how the company is navigating sector wide supply chain issues, Wass said its systems and operations have performed well over the busy Black Friday and Cyber Monday period
He added: “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 million.
