REG - Gear4music - Completion of Acquisition of AV Distribution Ltd

Gear4music (HOLDINGS)Announcement

02/12/2021 07:00

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RNS Number : 2948U  Gear4music (Holdings) PLC  02 December 2021

 

2 December 2021

 

Gear4music (Holdings) plc

 

Completion of Acquisition of AV Distribution Ltd

 

The Board of Gear4music (LSE: G4M), the largest UK based online retailer of
musical instruments and music equipment, announces that further to its
announcement on 9 September 2021, it has completed the acquisition of AV
Distribution Ltd.

Commenting on the announcement, Andrew Wass, Chief Executive Officer said:

 

"We are very pleased to have completed the acquisition of AV Distribution Ltd
trading as AV Online, and welcome the team into the Gear4music Group.

 

AV Online is an online retailer of audio-visual equipment, including HiFi
speakers and home cinema systems. With the launch of AV.com scheduled for
January, we look forward to building on the profitable growth achieved by AV
Distribution Ltd, and leveraging the strength of our e-commerce platform and
our European infrastructure to accelerate our growth in this £2.7bn European
market.

 

We are also pleased to report our systems and supply chain operations have
performed well over the busy Black Friday and Cyber Monday period, and we
continue to be confident that our full year financial results will be in line
with the recently revised consensus market expectations*."

 

* Gear4music believes that consensus market expectations for the year ending
31 March 2022 are currently revenue of £149.2 million and EBITDA of £12.0
million.

 

ENDS

Enquiries:

 

 Gear4music                                                   +44 (0)20 3405 0205

 Andrew Wass, Chief Executive Officer

 Chris Scott, Chief Financial Officer

 Singer Capital Markets - Nominated Adviser and Joint Broker  +44 (0)20 7496 3000

 Peter Steel/Amanda Gray, Corporate Finance

 Tom Salvesen, Corporate Broking

 Investec Bank plc - Joint Broker                             +44 (0)20 7597 5970

 David Flin

 Alex Wright

 Harry Hargreaves

 Alma PR - Financial PR                                       +44 (0)20 3405 0205

 Rebecca Sanders-Hewett                                       Gear4music@almapr.co.uk

 Josh Royston

 Faye Calow

 

About Gear4music (Holdings) plc

Operating from a Head Office in York, Distribution Centres in York, Sweden,
Germany, Ireland & Spain, and showrooms in York, Sweden & Germany, the
Group sells own-brand musical instruments and music equipment alongside
premium third-party brands including Fender, Yamaha and Roland, to customers
ranging from beginners to musical enthusiasts and professionals, in the UK,
Europe and the Rest of the World.

Having developed its own e-commerce platform, with multilingual, multicurrency
websites delivering to over 190 countries, the Group continues to build its
overseas presence.

 

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