CMO Group PLC Acquisition of Clickbasin (6833N)

TIDMCMO

RNS Number : 6833N

CMO Group PLC

06 June 2022

CMO Group Plc

("CMO" or "the Group")

Acquisition of online basin specialist, clickbasin.co.uk

CMO Group PLC, the UK's largest online-only retailer of building materials, today announces the acquisition of Whiteholme Limited, a specialist bathroom basin e-commerce company which trades as clickbasin.co.uk.

Founded in 2010 and based in Preston, clickbasin.co.uk currently has a range of c. 320 SKUs comprising bathroom vanity units, bathroom cabinets, wall hung basins, bathroom mirrors and associated products such as taps and waste sets.

clickbasin.co.uk operates in an attractive, growing market and is complementary to CMO's existing verticals and suite of products, broadening CMO's integrated plumbing superstore offering which will be launched in Q3 of this year.

The cash consideration payable is up to GBP1.25m, of which GBP1m has been paid on completion and GBP0.25m is to be deferred for six months. In the year ended 31 March 2021, Whistler achieved sales GBP1.87m and c. GBP0.36m of EBITDA. Clickbasin, which will be amalgamated into the launch of Plumbingsuperstore later this year, is expected to contribute EBITDA of c. GBP0.05m to the Group for the remainder of FY22 and be accretive in its first full year of ownership.

This acquisition gives a foothold in a substantial potential market in which the Group is not yet significantly represented.

Dean Murray, CEO of CMO Group, said:

"Our strategic goal is to provide our customers with everything they need to build or maintain a home, through a simple, convenient and supported shopping experience. We will achieve this through adding specialist verticals, either organically or through acquisition, supported by customer centric technology development.

"Today's acquisition announcement of clickbasin.co.uk more than fits that model, taking our plumbing vertical into a new product area. clickbasin.co.uk, together with JTM Plumbing, will combine to form plumbingsuperstore.co.uk which will be launched in Q3, providing a platform on which to further penetrate the cGBP800m online Plumbing and Heating market and use the power of our business model to provide leading choice and value to our customers."

6 June 2022

Enquiries:

 
 CMO Group PLC                        Via Instinctif 
 Dean Murray, CEO 
 Jonathan Lamb, CFO 
 
 Liberum Capital Limited (Nominated   Tel: [phone] 
  Adviser & Broker)                    2000 
 Andrew Godber 
 Lauren Kettle 
 Cara Murphy 
 
 Instinctif Partners 
 Justine Warren                       Tel: [phone] 
                                       2010 
 Matthew Smallwood                    Tel: [phone] 
                                       2005 
 

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June 06, 2022 02:01 ET (06:01 GMT)