CTG Christie Group Plc

RNS Number:2170F
Christie Group PLC
17 December 2002



Christie Group plc

Acquisition of the Orridge business ("Orridge") for #600k


Christie Group plc, provider of professional business services in Europe, today
announced the acquisition of Orridge, the oldest established and leading retail
stocktaking business in the UK.


Christie Group has paid #600k in cash for the assets and business, which will
continue to trade as Orridge.  This was satisfied by the Christie Group from its
existing cash resources.


The acquisition is expected to be earnings enhancing in 2003 before any one-off
costs.


Highlights of the transaction:


*         Orridge is the premier brand in its sector


*         The Belgian based associate company gives the stocktaking business a
          useful bridgehead into Europe


Orridge is the leading independent stocktaker in the UK serving the Retail
Sector.   It has been established for 156 years and its clients include major
retailers.


Orridge conducts a wide array of Stock and Inventory services focused on retail,
warehousing distribution, manufacturing, industrial and pharmacy sectors.  The
latest audited accounts for the year ended 31 December 2000 show a profit of
#275k.  Net assets of Orridge at completion are expected to be in the region of
#200k.


Commenting on the proposed acquisition, David Rugg, Chief Executive of Christie
Group said :


"Orridge is a business we have followed for the last four years and we are
delighted to have acquired.


It provides an efficient and confidential outsourced service to leading High
Street Retailers.   We welcome both the clients and the skilled Orridge staff to
our Group.


We have a significant base of Retail clients through VcsTimeless, our software
business.  With the advent of the 35 hour week in Europe, we believe many of
these clients will be pleased to outsource to our integrated computer systems
and stock control businesses."


Nick Holland-Brown, whose family business Orridge was, said, "I have been a
small shareholder of Christie Group for many years.   I am sure they are exactly
the right stable to realise the full potential of this excellent business."



Enquiries


Christie Group 020 7227 0707                 Philip Gwyn                Chairman
                                             David Rugg          Chief Executive
                                             Robert Zenker      Finance Director


Brunswick          020 7404 5959             Charlotte Elston or Michael Webster


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

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