CPR Carpetright Plc

RNS Number:9208V
Carpetright PLC
02 May 2007



               Acquisition of Storey Carpets Limited ("Storeys")


Carpetright announces that it has reached an agreement to acquire Storeys, a
floor covering specialist retailer based in the North East of England.

Storeys was founded over 80 years ago and trades from 30 locations. In the year
to 3 March 2006 sales were #32.8 million.

The acquisition will be for an initial consideration of #18.5 million with a
further potential #1 million. The majority of the consideration will be 
satisfied in cash with the balance of #0.5 million satisfied through the issue 
of new Carpetright shares to one of the vendors.

A listing application has been made for 47,529 Ordinary Shares of 1p each in
Carpetright to be admitted to the Official List of the UK Listing Authority and
to trading on the London Stock Exchange. They will rank pari passu in all
respects with the existing issued Ordinary Shares of Carpetright.

Commenting on the acquisition Lord Harris of Peckham, Chairman and Chief
Executive, said:

"I am delighted that we have been able to acquire Storeys. The business has a
strong heritage and presence in the North East, an area where we are not well
represented at present. We see significant opportunities to develop the business
and deliver attractive returns to our shareholders. Storeys will continue to
trade as a stand alone operation under its existing retail brand. John Kitching,
CEO of our Europe businesses, will become Chief Executive of Storeys and will
work with the existing management team, including Simon Heptinstall, grandson of
the original founder, to deliver these benefits."



For further enquiries please contact:

Carpetright plc
Ian Kenyon, Group Finance Director               01708 525522

Citigate Dewe Rogerson
Kevin Smith / Fiona Mulcahy                      020 7638 9571




                      This information is provided by RNS
            The company news service from the London Stock Exchange

END
ACQBIGDUIGGGGRB

Carpetright (LSE:CPR)
Historical Stock Chart
From Jun 2024 to Jul 2024

Carpetright (LSE:CPR)
Historical Stock Chart
From Jul 2023 to Jul 2024