8 June, 2006 - 07:52 By Staff Reporter

Ideal completes Superstore TV acquisition

Ideal Shopping Direct, the independent multi-channel TV home shopping business from Peterborough, has completed its first acquisition through the £1.5 million purchase of Superstore TV from Simply Media TV.Ideal Shopping Direct, the independent multi-channel TV home shopping business from Peterborough, has completed its first acquisition through the £1.5 million purchase of Superstore TV from Simply Media TV.

Superstore is a product design, sourcing and wholesale business with a sourcing and quality control office in Fuzhou in mainland China, and a product design and sales office near Manchester.

Ideal will purchase the entire share capital of Superstore TV for £0.5m, and repay £1m of intercompany loans. The consideration will be funded from the existing cash resources of Ideal.

Ideal expects the acquisition to be earnings neutral in 2006 and earnings enhancing in 2007.

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