This announcement contains inside information for the
purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014
as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in
accordance with the Company's obligations under Article 17 of
MAR. Upon the publication of this announcement via the
Regulatory Information Service, this inside information is now
considered to be in the public domain.
14 February 2024
AO WORLD
PLC
Acquisition of assets from A1 Comms Limited (in
administration)
AO World plc ("the Company" or "AO")
today announces that it has acquired certain
assets of A1 Comms Limited (in administration) (A1),
principally the intellectual property rights in and to the
websites www.affordablemobiles.co.uk
and www.buymobiles.net
(and Samsung url www.mobileshop.com)
("Brands and Platforms") (the Transaction)1.
The consideration for these assets
was £2.2m paid in cash.
As AO seeks to expand its mobile
proposition, the acquisition of the Brands and Platforms will
provide AO with expertise and synergies that will accelerate this
ambition. AO is also pleased to have saved 73 jobs through the
Transaction.
1. The Transaction constitutes a
class 2 transaction under the UK Listing Rules. For the
year ended 30 April 2022 (the last date to which statutory accounts
are available and prior to the appointment of the administrators to
A1), A1 had gross assets of £41.6 million (the majority
of which included contract assets and stock which are not being
acquired in the Transaction) and profits of £0.5
million. There are no key individuals
important to the Transaction.
The person responsible for arranging
the release of this announcement on behalf of the Company is Mark
Higgins, Director.
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Enquiries
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AO World plc
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John Roberts, Founder and Chief
Executive
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ir@ao.com
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Mark Higgins, Group CFO
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Powerscourt
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Tel: +44
(0)20 7250 1446
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Rob Greening
Nick Hayns
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About AO
AO World PLC, headquartered
in Bolton and listed on the London Stock Exchange,
is the UK's most trusted major electricals
retailer, with a mission to be the
destination for electricals. Our strategy is to create value by
offering our customers brilliant customer service and making AO the
destination for everything they need, in the simplest and easiest
way, when buying electricals. We offer major and small
domestic appliances and a growing range of mobile phones, AV,
consumer electricals and laptops. We also provide ancillary
services such as the installation of new and collection of old
products and offer product protection plans and customer finance.
AO Business serves the B2B market in the UK, providing
electricals and installation services at scale. AO also has a WEEE
processing facility, ensuring customers' electronic waste is dealt
with responsibly.
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Cautionary statement
This announcement contains certain
forward-looking statements (including beliefs or opinions) with
respect to the operations, performance and financial condition of
the Group. These statements are made in good faith and are based on
current expectations or beliefs, as well as assumptions about
future events. By their nature, future events and circumstances can
cause results and developments to differ materially from those
anticipated. Except as is required by the Listing Rules, Disclosure
Guidance and Transparency Rules and applicable laws, no undertaking
is given to update the forward-looking statements contained in this
document, whether as a result of new information, future events or
otherwise. Nothing in this document should be construed as a profit
forecast or an invitation to deal in the securities of the Company.
This announcement has been prepared for the Group as a whole and
therefore gives greater emphasis to those matters which are
significant to AO World plc and its subsidiary undertakings when
viewed as a whole.
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