Ideal Shopping Direct acquires Lead the Good Life plant and garden equipment retailer for £5m

Ideal Shopping Direct (ISD), an independent TV and online shopping business, will acquire Lead the Good Life (LTGL) from 18 January.

IDS has agreed to acquire LTGL for an initial consideration of £5m, of which £750,000 will be in cash and the rest in the issue of initial consideration shares.

A further £2.2 million may be payable in earn out consideration shares, subject to the achievement of a pre-tax profit target by LTGL of at least £0.8m and up to £1.8m for the year to 30 June 2010.

LTGL is a retailer of plants and garden equipment selling directly to its customers by mail order, the internet and the telephone, and to IDS's customers through their television shopping channels.

Completion is expected to be on 18 January 2010.

IDS chief executive Mike Hancox said: "IDS is delighted to announce the proposed acquisition of LTGL which has a clear strategic and financial rationale. LTGL has key features that complement the growing gardening category of IDS's existing business and is expected to enhance future earnings.  IDS will leverage the combined customer base and provide internet expertise that will enable LTGL to grow profitably offering significant benefit to shareholders." 

 

 


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