Pacific Retail Group Ltd said on Thursday it had acquired the business of Powerhouse, the third largest specialist appliance retailer in Britain, for $47.6 million.
Powerhouse had continued to operate pending the sale after being placed in receivership in August, Pacific Retail’s CEO Peter Halkett said.
“We are delighted to have secured this one off opportunity to make an acquisition of this scale, in a market as large as the UK, in an industry we know well, and at what we consider to be an attractive price, ‘ he said.
Powerhouse had a turnover of $1,104.6 million in the year to March 3003.
Shares in Pacific Retail, which has home appliance, electronic and lingerie outlets last traded at $2.03, having been as high as $3.35 and as low as $1.91 over the past 12 months.
>From NZOOM