REG - AO World plc - Acquisition

AO WorldAnnouncement

14/02/2024 17:00

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RNS Number : 1786D  AO World plc  14 February 2024

This announcement contains inside information for the purposes of Article 7
of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic
law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR. Upon the publication of this announcement via the Regulatory Information
Service, this inside information is now considered to be in the public domain.

 

14 February 2024

AO WORLD PLC

 

Acquisition of assets from A1 Comms Limited (in administration)

AO World plc ("the Company" or "AO") today announces that it has acquired
certain assets of A1 Comms Limited (in administration) (A1)
(https://otp.tools.investis.com/clients/uk/sports_direct1/rns/regulatory-story.aspx?newsid=1553796#_ftn1)
, principally the intellectual property rights in and to the websites
www.affordablemobiles.co.uk (http://www.affordablemobiles.co.uk) and
www.buymobiles.net (http://www.buymobiles.net) (and Samsung url
www.mobileshop.com (http://www.mobileshop.com) ) ("Brands and Platforms")
(the Transaction)(1).

The consideration for these assets was £2.2m paid in cash.

As AO seeks to expand its mobile proposition, the acquisition of the Brands
and Platforms will provide AO with expertise and synergies that will
accelerate this ambition. AO is also pleased to have saved 73 jobs through the
Transaction.

 

1. The Transaction constitutes a class 2 transaction under the UK Listing
Rules. For the year ended 30 April 2022 (the last date to which statutory
accounts are available and prior to the appointment of the administrators to
A1), A1 had gross assets of £41.6 million (the majority of which included
contract assets and stock which are not being acquired in the Transaction) and
profits of £0.5 million. There are no key individuals important to the
Transaction.

The person responsible for arranging the release of this announcement on
behalf of the Company is Mark Higgins, Director.

 

 Enquiries
 AO World plc

 John Roberts, Founder and Chief Executive             ir@ao.com (mailto:ir@ao.com)
 Mark Higgins, Group CFO

 Powerscourt                                           Tel: +44 (0)20 7250 1446

 Rob Greening

 Nick Hayns

 

 

 About AO

 AO World PLC, headquartered in Bolton and listed on the London Stock
 Exchange, is the UK's most trusted major electricals retailer, with a
 mission to be the destination for electricals. Our strategy is to create value
 by offering our customers brilliant customer service and making AO the
 destination for everything they need, in the simplest and easiest way, when
 buying electricals.  We offer major and small domestic appliances and a
 growing range of mobile phones, AV, consumer electricals and laptops. We also
 provide ancillary services such as the installation of new and collection of
 old products and offer product protection plans and customer finance. AO
 Business serves the B2B market in the UK, providing electricals and
 installation services at scale. AO also has a WEEE processing facility,
 ensuring customers' electronic waste is dealt with responsibly.

 ______________________________

 Cautionary statement

 This announcement contains certain forward-looking statements (including
 beliefs or opinions) with respect to the operations, performance and financial
 condition of the Group. These statements are made in good faith and are based
 on current expectations or beliefs, as well as assumptions about future
 events. By their nature, future events and circumstances can cause results and
 developments to differ materially from those anticipated. Except as is
 required by the Listing Rules, Disclosure Guidance and Transparency Rules and
 applicable laws, no undertaking is given to update the forward-looking
 statements contained in this document, whether as a result of new information,
 future events or otherwise. Nothing in this document should be construed as a
 profit forecast or an invitation to deal in the securities of the Company.
 This announcement has been prepared for the Group as a whole and therefore
 gives greater emphasis to those matters which are significant to AO World plc
 and its subsidiary undertakings when viewed as a whole.

 

 

 

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