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Rendells Expanding Throughout North Island

Rendells Expanding Throughout North Island

Postie Plus Group Limited (PPGL) announced today that it has entered into an unconditional contract to purchase up to 10 of the Gardner Fashions Limited clothing retail outlets.

Gardner Fashions is a long-standing profitable North Island clothing retailer and the acquisition is restricted to assignment of leases and the purchase of the relevant branch fittings and leasehold improvements, some stock and the employment of a number of Gardner Fashions retail staff. The new sites will be taken over between March and September 2004. “The delayed take over is to allow time for the Group to focus on integrating the recent acquisitions of Arbuckles and Rendells and to provide planning time for the new shops.” Says Mr Paul Young, Postie Plus Group Managing Director.

These new shops will re-open as Rendells Ladieswear Fashion stores. Rendells is a well established mini-department store which has been operating in the Auckland market for more than 120 years and has a strong focus on ladieswear. It will increase the number of stores for Rendells to 17.

Mr Young advised that the impact of the acquisition on the Groups profit for 2003/2004 would be minimal, due to the cost of the acquisition and conversion of these shops, plus the fact that the Gardners branches were being taken over towards the end of the 2003/2004 financial year. These branches should contribute approximately $500,000 additional profit (before tax) to the 2004/2005 financial year.

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