Retail Profile acquired for £6.3m
Published: 28 April, 2010
SpaceandPeople has announced today it will acquire Retail Profile, the UK's leading provider of Retail Merchandising Units (RMUs) for £6.3m, subject to shareholder approval.
The audited statutory accounts of Retail Profile showed revenues of £5.1m, generating profits of £0.5m before taxation. It had net assets of £0.9m at the end of 2009.
SpaceandPeople, an AIM-listed experiential marketing location and media sales group, develops common spaces in shopping centres and airports as an advertising and promotional medium. SpaceandPeople has bought Retail Profile as demand for short term retail units has shot up.
Chief executive of SpaceandPeople, Matthew Bending commented: “This acquisition is the cornerstone for the future development of the Company, a complementary product offering, a great team; the combined group’s growth potential is significantly enhanced.”
Martin Kemp, managing director of Retail Profile commented: "We are delighted to be joining forces with Matthew and the team at SpaceandPeople. In the time we have worked together so far, we have already seen many opportunities and are very excited about the future growth prospects for the combined businesses."
