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24 May 2007
CANFORD BUYS COMPUTER ACESSORIES BUSINESS
IMMEDIATE RELEASE
FOR IMMEDIATE RELEASE 23-05-07
COMMENCES: CANFORD BUYS COMPUTER ACESSORIES BUSINESS
Canford Group plc, the Washington based manufacturer and distributor of broadcast and security equipment today announced an important acquisition to the group.
Canford has purchased Ash Distribution, based in Longbenton, which specialises in the distribution of computer accessories and peripheral equipment.
Ash has been established ten years, and was set up by two former British Gas employees Ken Ash and Dennis Thornton. Its sales are approaching £3 million pounds per annum, and in recent months Ash has developed its own brand product, TrueWay, manufactured in China. Ash supplies computer dealers, the education market, local authorities and business customers with a range of high quality computer peripherals together with associated accessories, from cables to printer consumables. The company employs around 22 people at its Longbenton premises, as well as a representative in Shenzen, China.
Having taken the business to this stage, Ken Ash and Dennis Thornton decided it was the appropriate time to seek an exit and find a buyer with the potential to take the business to the next level. Canford, coincidentally, had been searching for suitable acquisitions for some time, and both parties felt that they were a good match. Ken Ash said today 'We are very pleased that our company has found such a good home. Canford's strengths in distribution, finance and IT infrastructure will enable the company to grow at a faster pace.'
Canford's chairman Hugh Morgan Williams commented ' Our acquisition of Ash is strategically significant. It exposes our 25,000 customers to a whole new product range, and Ash clients will be able to benefit from access to the wider Canford portfolio of products. Greater stockholding and product availability will enhance the company's competitive position'
The acquisition price has not been disclosed but was described as a ‘mutually agreed six figure sum’. All Ash employees will be retained, and although no immediate large scale job expansion is planned, continued steady growth is expected.
The acquisition will boost Canford Group’s revenues to around £20 million pounds per annum, and the staff numbers will grow to over 200 people.
In a separate and unrelated transaction at the beginning of May, Canford announced that it had acquired the assets of a quality manufacturer of microphone boom poles used by sound recordists. Production of these will be moved to the Group’s Dorset factory, and, although retaining the ‘Panamic’ branding, will be fully integrated into the company portfolio
ENDS
For further information contact:
Mark Cunningham, Press & PR, Canford
mbc@canford.co.uk
07940 561025
Charles Kennedy, Chief Executive, Canford
ck@canford.co.uk
0191 418 1000
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