Briscoe Group in discussion with Stirling Sports

November 1 2004

Briscoe Group in discussion with Stirling Sports

The Directors of Briscoe Group Limited advise that they are in discussions for Briscoe Group to become the franchisor of the Stirling Sports chain of sporting goods stores.

Briscoe Group is offering to acquire the existing franchisor’s rights under all the Stirling Sports franchise agreements and to provide a range of centralised services to Stirling Sports franchisees.

Subject to a period of satisfactory due diligence, it is expected that an agreement could be concluded by mid-November.

The Stirling Sports chain currently comprises 38 stores located throughout New Zealand and reportedly generated approximately $40 million of sales for the year to July 2004.

Rod Duke, Managing Director of Briscoe Group said, “I am excited about the potential merger of Stirling Sports into the Briscoe Group. We believe we can make significant contributions to the success of the Stirling Sports franchisees, by utilising our existing strengths in media arrangements, product sourcing, IT systems, stock management and many other facets of our operations. It also enables us to make a quantum leap forward in implementing our recently announced franchise network plans, to achieve market coverage beyond the major metropolitan areas.”

ENDS

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