Inkwell Direct signed a deal yesterday to acquire the assets of officeshopper from Bright Station, marking its tenth acquisition and taking turnover to the £7 million mark.
officeshopper, which encompasses the Heathrow-based Fairway business that was acquired by Bright Station, has built up a £1.7 million turnover since it was started a year and a half ago. In the year ending December 2000 it recorded a loss before interest and tax of £2.7 million.
Inkwell has acquired the company name, customer list and debtor book. It has not acquired the company’s debts and is not taking on the staff force. The net book value of the assets that are subject to the transaction is at £357,000. Consideration of £195,000 will be payable within the next 30 days, with the balance of consideration payable based upon the recoverability of debtor balances and the gross profit of the officeshopper business over the next 18 months.
Inkwell’s Howard Calvert says officeshopper will be integrated into Inkwell’s operation and as with its other acquisitions the distribution centre will be retained but administration functions consolidated into Inkwell’s headoffice in Brent Cross. The operation will run as Officeshopper Inkwell in order to retain the market presence created through officeshopper’s strong marketing programmes.
10-May-2001
