Endless, the UK based Turnaround Fund, is pleased to announce the acquisition of the Webb Group Limited (“Webb Group”) from Findel Plc.
Webb comprises two main trading companies, Choices UK Group Limited ("Choices UK") and Webb Ivory Burton Limited ("Webb"). Choices UK is one of the UK's largest supplier of retail home entertainment products, including games, DVDs, music and gifts. Webb is a consumer mail order business which sells a range of classic TV, film and entertainment DVDs. The businesses had a combined turnover of £53 million in the year to 31 March 2010.
Webb Group had been determined by Findel Plc to be non-core to its future strategy following a significant increase in working capital requirements, driven by trade credit contracting from the home entertainment market. Endless has acquired the business to support future plans and will be providing up to £15 million of investment and working capital going forward.
Mathew Deering, Investment Director at Endless, commented “We are pleased to have been able to deliver this deal to Findel plc in an extremely rapid timeframe of less than 2 weeks from agreeing Heads of Terms. The funding package we are providing will allow the business to return to offering a strong service proposition to its existing customers and will provide a platform to exploit some exciting new growth opportunities.”
The transaction was completed on 8 June 2010. Garry Wilson and Mathew Deering led the acquisition for Endless, supported by Indra Valeinis and Simon Mason.
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