Flying Brands buys Flowers Direct firm out of administration

Flying Brands has bought Flowers Direct Online for £2.95m. The acquisition includes the customer base, goodwill and related assets of Flowers Direct, which was in administration.

The total sum is made up of £1.45m in cash from the company's existing resources and £1.15m in loan notes that are redeemable 15 months from the date of issue.

Assets acquired include Flowers Direct websites, uniform resource locators, intellectual property, relay business - including a linked network of around 750 florists - and a database of approximately 300,000 customers. As part of the transaction the Flowers Direct e-commerce and relay teams will be joining Flying Brands.

The Flowers Direct business, which has gross assets of £2.95m, generated £6m of revenue and made a loss of £500,000 for the financial year to 31 March 2010. The loss included a number of costs that will be eliminated on the acquisition of the business by Flying Brands.

Flying Brands chief executive officer Stephen Cook said: "The transaction will strengthen our online business and will give us access to our own relay network of florists. Although there will be substantial cost savings arising from the combination of the two businesses, the primary purpose is to provide a strong platform for future growth, particularly in the online and relay markets."

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