Dobbies Garden PLC - Acquisition
April 18 2000 - 4:50AM
UK Regulatory
RNS Number:2566J
Dobbies Garden Centres PLC
18 April 2000
Dobbies Garden Centres plc
#1.65m acquisition in North West
Dobbies Garden Centres plc ("Dobbies") has acquired the
assets of Clifton Garden Centre ("Clifton") between
Preston and Blackpool for #1.65m in cash.
In the year ended 31 January 2000, Clifton had a turnover
of #1.1m and a pre tax profit of #0.25m. At the last
balance sheet date (January 2000), the value of the fixed
assets being acquired was #0.33m.
Clifton is situated on a 10 acre site with planning
permission for a new 50,000 sq.ft. garden centre.
Dobbies intends to redevelop the site and work is
expected to start in the autumn of this year, with
completion scheduled for Spring 2001. The acquisition is
likely to be earnings neutral in the current financial
year, but is expected to significantly contribute once
redevelopment has taken place.
James Barnes, Chief Executive of Dobbies said that: "This
acquisition is in line with our corporate strategy of
concentrating on the development of large garden centres
with significant potential for growth. This will be
Dobbies 15th garden centre and its first in the North
West of England, and fits neatly between Dobbies
commanding position in Scotland and its existing centres
in Birmingham and Shrewsbury."
Enquiries:
James Barnes, Chief Executive
Dobbies Garden Centres plc Tel: 0131 663 1941
Bob Gregory
Bell Pottinger Financial Tel: 020 7353 9203
END
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