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16 January 2006
ACQUISITION OF CLOUDBURST GARDEN PRODUCTS
Straight, the Leeds-based supplier of recycling containers and environmental
container solutions which is listed on AIM, today announces the acquisition of
the assets and trade of Cloudburst garden products.
These have been purchased from Titan Environmental Limited,
part of Kingspan Group plc, for a consideration of £150,000,
payable in cash.
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The Cloudburst business, which generated
unaudited profits of approximately £150,000 for the year
to October 2005, supplies a number of rainwater containers and
home composters as well as associated accessories across the
Cloudburst, Ecolake, Garden Lake and Garden River brands. These
complement Straight's core business, which supplies local authority
and water company customers.
In addition, the Cloudburst range is well established in both retail and export
markets, both of which Straight is keen to develop further.
Straight Chief Executive Jonathan Straight said: "We are delighted to add
this well-established business to our portfolio. Through it we have established
routes into areas of the retail trade in which we have not previously been active.
“ We now have further products to add to our core range. In addition, a
network of overseas distributors will help us to meet one of our key goals -
increasing exports. These new customers will also be interested in products from
our existing range and will assist us in building a strong retail and export
environmental garden products business from an established starting point".
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