KEY POINTS:
Retailer Briscoe Group, owner of Rebel Sport and Briscoes Homeware stores, said today it was buying homewares chain Living & Giving from Pacific Retail Group.
The conditional offer, effective from November 27, was around $1 million plus the cost of stock, Briscoe managing director Rod Duke said.
"It's a modest transaction, it's not a material transaction from our point of view, but for us it's still an important transaction because it just fits where we think our core competencies are and where we think our merchandise expertise is," Mr Duke said.
Living & Giving was established in 1987 and has been owned by PRG since 2000. It has nine stores on rented properties, in the North Island and in Christchurch.
Briscoe Group has opened Urban Loft in Auckland, the first of what it hoped would be a chain of middle and upmarket homeware stores, leaving Briscoes Homeware to sell to the mass market.
Living & Giving was more gift-oriented than Briscoes Homeware, Mr Duke said.
"We really see these three brands ... operating and selling to slightly different customers."
Sales last quarter from both Briscoes Homeware and Urban Loft rose 11.10 per cent, to $54.9 million, ahead of its sporting goods sales which increased by 10.11 per cent to $26.1m.
Briscoe shares fell 3c to $1.67.
- NZPA
