Smiths City Group Limited (Company) is pleased to announce that one of its subsidiaries, Smiths City (Southern) Limited (Southern) has entered into a conditional agreement (Conditional Agreement) to purchase the business and assets of both Panmure Furniture City 1983 Limited (Furniture City) and its logistics operation Lucky Dragon Limited (Lucky Dragon).
Auckland based, Furniture City, has stores in Auckland and Whangarei. The business also operates a comprehensive Internet Store and fulfillment facility in support of its bricks and mortar presence.
The agreement is subject to Southern obtaining suitable finance and the satisfactory completion of due diligence on the business. The key terms of the Conditional Agreement are as follows:
• Purchase price – $5.85m plus GST (if any)
• Finance conditional date – 29 February 2016
• Due diligence confirmation date – 29 February 2016
• Possession/settlement date – 1 April 2016
• The business operates three retail sites (two in Auckland and one in Whangarei) plus a fulfillment and distribution facility, also based in Auckland
Queries should be directed to:
Roy Campbell CEO Smiths City