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Franchise Brands acquires Barking Mad

Tuesday, 1st November 2016
Franchise Brands, a multi-brand international franchisor, has acquired Barking Mad Limited for a total consideration of £900,000.

This represents the group's first acquisition as part of its stated buy and build strategy following the recent successful IPO.

Barking Mad is a pioneer and leading franchise provider of dog sitting services in the UK. It currently has 75 franchised territories across the UK, operated by 71 franchisees.

Based on unaudited statutory accounts, Barking Mad's revenue for the year ended 30 April 2016 was £616,000 (2015: £561,000) and profit before tax was £155,000 (2015: £103,000). Barking Mad had net assets of £115,000 as at 30 April 2016.

Consideration for the Acquisition is £900,000, of which £400,000 has been satisfied via the issue of 761,193 new ordinary shares of 0.5 pence each in the capital of Franchise Brands at a price of 52.54914 pence per share.

All these shares will be issued to Barking Mad's founder and managing director, Lee Dancy, and her husband and will be subject to a three year selling restriction.




Story provided by StockMarketWire.com

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