Datart, which operates large format stores based on a western model similar to those of Kingfisher Electricals, currently has ten stores in the Czech Republic and five in Slovakia. Established in 1991, the company had sales of CSK 881 million (Ľ15.3 million) in 1999, and plans to drive future growth by expanding its highly successful out-of-town superstore format, opening 19 new outlets in the next three years.
Commenting on the acquisition, Kingfisher Group Chief Executive, Sir Geoffrey Mulcahy, said: "Datart is an established and high growth business with a proven management team which, as part of Kingfisher Electricals, has ambitious plans to further develop the company's leadership position in the coming years.
"As Europe's third largest electrical retailer, Kingfisher is committed to playing a leading role in the consolidation of the European electricals market. This acquisition will allow us to participate in the growing Czech and Slovakian markets, with the opportunity to develop organically in Eastern Europe".
Notes to Editors
Kingfisher Electricals
Kingfisher Electricals operates more than 780 stores in eight countries and is Europe's third largest electrical retailing business, with sales at year end 29 January 2000 of over Ľ3.1 billion, and profits of Ľ197 million
As well as the leading position in France through Darty and number two UK position through Comet, Kingfisher also has the leading position in Belgium following the acquisition of Hugo Van Praag by New Vanden Borre. Furniture and electricals chain BUT strengthens the Group in France, while other Kingfisher Electricals brands include BCC in the Netherlands and ProMarkt in Germany For further information: Media Enquiries Jonathan Miller, Head of Public Relations
+44(0)20 7725 5713 Gail Lavielle, Director of Corporate Communications
+33(1) 43 18 52 68 Broker and Institutional Enquiries Andrew Mills, Acting Director of Investor Relations
+44(0)20 7725 5776 Graham Fairbank, Head of Corporate Communications
+33(1)43 18 52 26 Kingfisher plc
+44(0)20 7724 7749 Kingfisher website - www.kingfisher.co.uk
Subscribers please note that material bearing the slug "PROTEXT" is not part of CTK's news service and is not to be published under the "CTK" slug. Protext is a commercial service providing distribution of press releases from clients, who are identified in the text of Protext reports and who bear full responsibility for their contents.
PROTEXT
