Christie Group PLC - Acquisition
March 08 2000 - 2:03AM
UK Regulatory
RNS Number:8613G
Christie Group PLC
8 March 2000
Christie Group plc
Acquisition of Groupe Timeless SA ("Timeless") for #7.2million
Combination of Timeless and Venners Computer Systems will
create a major new European presence in retail and hospitality
EPoS software
Christie Group plc today acquired Timeless for a maximum
consideration of FFr 78.2 million (#7.2 million) payable in
cash and shares. Based in France, Timeless is the leading
supplier of EPoS and Head Office systems to the fashion retail
sector, with an established customer base of 3,000 licences in
Europe. Timeless is complementary to Christie's software
business, Venners Computer Systems, which specialises in
providing EPoS systems, site management software and e-
business solutions to the leisure and hospitality markets.
Venners Computer Systems and Timeless will be operated as
separate companies focusing on the hospitality and retail
sectors across Europe and North America.
Combining Venners Computer Systems and Timeless creates a
business with existing revenues of over #14 million (unaudited
year to 31 December 1999) and in excess of 6000 licences
worldwide.
Acquiring Timeless will significantly strengthen Christie
Group's position throughout Europe, bringing:
- An experienced management team, with a total of 60 years'
industry experience;
- Electronic Point of Sales (EPoS) and Head Office software for
the non-food retail sector with full touch and internet/intranet
functionality, available on Windows NT and Unix platforms;
- Over 3,000 licences installed in Europe with clients such as
Calvin Klein Jeans, Caroll, Manfield, Naf Naf, Sara Lee and
Redskins;
- A substantial sales and operations base in Paris and an R & D
facility in Montpellier.
Timeless is currently expanding its customer base throughout
continental Europe, driven by sales of Colombus, the company's
new flagship EPoS product. Launched in 1996, Colombus is a
multi-lingual and multi-currency system for retail sales
management and stock optimisation in a multi-store, non-food
environment. Originally developed for the clothing sector,
adaptations for the perfume / cosmetics and sporting goods
sectors have already been released. Plans are in hand to
launch Colombus software in the UK in the summer.
Timeless's founder and Chief Executive, Yves Doukhan, will
remain with the company and will join the board of Venners
Retail Systems (Holdings) Limited and together with other
senior management, will have three year service contracts in
place.
The initial consideration to be paid for Timeless is FFr 73.2
million (#6.8 million), which is to be satisfied by FFr 52.5
million (#4.9 million at a closing rate of #1 = FFr 10.82) in
cash and 994,000 Christie Group plc shares (at a closing mid-
market price of 192.5p). These shares must be held for a
minimum period as to one-third to 31 December 2000, a third to
31 December 2001 and a final third to 31 December 2002.
An earn-out may be payable in respect of the twelve months to
31 March 2001. The maximum amount payable under the earn-out
is FFr 5,000,000 (#0.5 million).
Timeless's audited accounts to 31 December 1998 show a
turnover of FFr 56.2 million (#5.2 million), profit before tax
of FFr 2.7 million (#0.3 million) and net assets of FFr 10.0
million (#0.9 million).
Timeless' unaudited management accounts for the year ended 31
December 1999 show an increased turnover of FFr 89.0 million
(#8.3 million) reflecting in part continuing successful sales
of Colombus, its new EPoS product. The trading performance
for the same period has also improved.
The 1999 audited results for Timeless will be included in the
Christie Group preliminary results for the year ended 31
December 1999, which are planned to be released on 29 March.
Commenting on the acquisition, David Rugg, Group Managing
Director said:
"This is a major step forward in Christie Group's strategy to
develop a pan-European software, internet and kiosk business
presence. We have built on our success in the hospitality and
leisure sectors with an acquisition giving us a major reach
into retail for the first time. With demand for these products
continuing to grow, we see a very real opportunity to
develop a leading European business in this field, building on
the existing strengths of both Timeless and Venners Computer
Systems in their respective markets."
Enquiries
Christie Group:
Philip Gwyn (Chairman) +44 (0) 171 227 0707
David Rugg (Managing Director) +44 (0) 171 227 0707
Robert Zenker (Finance Director) +44 (0) 171 227 0707
Venners Retail Systems:
Stephen Mansfield (Managing Director) +44 (0) 1908 350550
Brunswick Group:
Charlotte Elston +44 (0) 171 404 5959
Notes for Editors
Timeless is being acquired by Venners Retail Systems
(Holdings) Limited, the software and computer services arm of
Christie Group plc. This division will consist of Timeless,
Venners Computer Systems and Venners Touch Systems businesses.
The combined division has:
- EPoS and Head Office software for the Hospitality, Leisure
and Retail sectors.
- Internet, WAP, Touch enabled, multimedia and kiosk
technology for application within its specialist areas of
food, non-food and public information.
- Locations in Milton Keynes, Paris, Montpellier, Frankfurt,
Barcelona and Toronto.
- Over 6,000 licences installed with a customer base including
Greggs plc, UCI Cinemas Worldwide, Famous Players (Canada),
Thorntons PLC, HM Prison Service, Naf Naf, Calvin Klein Jeans,
Sara Lee, Redskin's and Caroll.
- A strategy of providing Touch based EPoS, Head Office and
Internet applications across Europe and North America to a
predominately Retail client base. These applications to be
provided through its own companies and strategic partnerships
(partnership with Planit Holdings PLC announced recently).
END
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