RNS Number : 3841C
12 November 2009
12 November 2009
DEBENHAMS plc - ACQUISITION
Debenhams plc, the UK department stores group, announces that it has entered
into an agreement to acquire 100% of the shares of A/S Th. Wessell & Vett,
Magasin du Nord ("Magasin") from Magillum A/S. The consideration of DKK 101
million (GBP 12.3 million)* will be satisfied in cash, subject to adjustment in
respect of normalised working capital. Completion will take place once the
various conditions in the agreement have been satisfied.
Magasin is the leading department store chain in Denmark, with some 20 million
customers annually and an annual turnover of DKK 1,885 million (GBP 228.7
million)* in the financial year to 28 February 2009. All six stores have been
acquired: the iconic store on Kongens Nytorv in Copenhagen city centre, three
other stores in the Copenhagen area (Fields, Lyngby and Rodovre), and stores in
Arhus and Odense.
Rob Templeman, Chief Executive of Debenhams, said:
"We are pleased to add Magasin to the Debenhams group and believe that the close
fit between the two businesses will be mutually beneficial.
"Magasin is one of the best recognised brands in Denmark with a loyal customer
base and some great products.
"The success of our international business demonstrates that there is demand for
our own bought and Designer brands outside our home market which we believe will
complement Magasin's existing brands and deliver both outstanding value and
choice to the Danish consumer.
"As part of the Debenham's group, Magasin will be able to benefit from the
Debenhams infrastructure and economies of scale. As we realise the synergies
that will be available to both companies, we anticipate that this acquisition
will be highly accretive for Debenhams shareholders"
- Ends -
* Converted at an exchange rate of GBP £1 : DKK 8.24
Magasin was founded in 1868 by Emil Valentin Lemmin Vett and Theodor Wilhem
Wessel and is today regarded as the leading department store chain in
Scandinavia, known for its heritage, its excellent customer service delivered by
dedicated employees and its strong product portfolio. Its 300,000 square feet
flagship store in Kongens Nytorv in Copenhagen city centre opened in 1894 more
information on www.magasin.dk
Rob Templeman Debenhams plc +44 (0) 20 7408 3302
Chris Woodhouse Debenhams plc +44 (0) 20 7408 3302
Jonathon Brill Financial Dynamics +44 (0) 20 7269 7170
Jan Helleskov Magasin du Nord +45 42 13 56 47
Notes to Editors
Debenhams is a leading department stores group with a strong presence in key
product categories including womenswear, menswear, childrenswear, health and
beauty, accessories, lingerie and home. Debenhams is the second largest
department store chain in the UK.
Debenhams has a total of 145 department stores in the UK and the Republic of
Ireland and 12 Desire by Debenhams stores, which is a small store concept
featuring a mix of womenswear, health and beauty, accessories, lingerie and
childrenswear. Debenhams has 52 international franchise stores in 17 countries
and an online store, www.debenhams.com, through which much of the Debenhams
range is available.
Designers at Debenhams include Ted Baker, Jeff Banks, Jasper Conran, Erickson
Beamon, Pip Hackett, Betty Jackson, Ben de Lisi, Julien Macdonald, Melissa
Odabash, Jane Packer, Pearce Fionda, Janet Reger, John Rocha and Matthew
This information is provided by RNS
The company news service from the London Stock Exchange