UK: Marchpole gears up for GBP3m Greenmark acquisition
Brand management firm Marchpole said it plans to buy ladies' shoe company Greenmark Ltd for GBP3m (US$5.86m).
Marchpole's board believes the proposed buy will further its profit and growth potential, as well as broadening its customer base and its product offering.
Executive deputy chairman Michael Morris said: "We are delighted with the acquisition of Greenmark and believe that it is an excellent strategic fit given the similarities between the two companies' business models.
"The acquisition is another significant step towards the evolution of the company into an international fashion brand management group with a collection of globally recognised fashion labels."
The purchase of the company, which deals with importing and wholesaling, needs to get shareholder approval to go ahead.
Marchpole plans to finance the buy through existing cash resources and the issue of loan notes.
Greenmark's sales director Jonathan Manning will remain at the helm of the company. Its other directors James Rooley and Carole Manning have said they will stay on at the firm to advise during the handover period.
The1987-founded business's customers include leading UK retailers with multiple outlets. Marchpole plans to develop the business into other markets.
Marchpole is a multi-national brand management group that designs, produces and sells clothing and accessories for eight international fashion labels.
The group employs about 130 staff worldwide and operates in the UK, France, Italy, Hong Kong and the US.
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