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Kleeneze - Acquires second e-retailer

May 2005

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • KLZ
  • Price:
  • 107p
Kleeneze has announced the acquisition of online sports retailer Kitbag.com for £8m (£6m cash plus 1.3m new shares). Kitbag is a retailer of branded and own-label sports merchandise, with a particularly strong position in football replica kit, supported by exclusive internet/mail order agreements with a number of clubs including Chelsea, Manchester United and Barcelona. In the year to 31 July, Kitbag reported sales of £8m of which 50% of sales were from football replica kits, 25% from footwear and the remainder from miscellaneous merchandise. It is anticipated that it will deliver significant revenue growth in the current year and is expected to be profitable. Clearly the intention is that Kitbag.com's products w ...

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