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16th October 2008
Wholesale electrical goods supplier bucks trend
A wholesaler of electrical goods has taken advantage of current uncertainty in the economy by taking over one of its main rivals, the Argus reports.
Kew Electricals has acquired the assets of Edward & Edwards (E&E) - which has a turnover of approximately £4 million - after the Northern Irish company went into administration.
While the precise value of the deal has not been disclosed, the bullish wholesaler said it ran to tens of thousands of pounds.
Managing director Geoff Kerly told the Argus that he was "delighted" with the speed of the transaction, adding: "It just shows that opportunities to expand still arise despite the credit crunch."
Offering a justification for the bold move, he continued: "This is a strategic acquisition for us and allows us to enter a new territory that gives us immediate market share in Northern Ireland."
As part of the deal Kew has committed to keeping 15 of Edward & Edwards' 19 employees in their current jobs at the firm's Belfast site.
(c) 2008 Adfero Ltd.
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