Wed, 11 Jul 2012 | DIVISION SALE
Aim-quoted mail order business Flying Brands has sold the retail arm of its Gardening Direct business, it has been confirmed.
Jersey Choice has purchased the division for £2.875 million. It is set to pay £2.25 million up front and a further £625,000 on 30 April next year. Shares in the stock jumped by a significant 44 per cent in early trading following the announcement.
A quote from Flying Brands noted: “The company had originally intended to continue to operate its Growing & Live Dispatch (GLD) business from its property at Retreat Farm but it is now in advanced discussions to lease the greenhouses and dispatch centre at Retreat Farm to Jersey Choice until 30 June 2014. If, as expected, this lease is entered into then GLD will be discontinued.”
Flying Brands is a multi-brand home shopping channel that trades directly with its customers through catalogues, press advertising and the internet. Its customer database consists of nearly four million households, of whom more than 600,000 have ordered products within the last year.
The firm is currently reassessing its focus and has shifted away from its entertainment businesses over the past couple of years to focus more on the gardens and gifts markets. Flying Brands has made a number of acquisitions and business sales and continues to so in pursuit of the right balance.
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