ITE Group PLC
6 July 2001
For immediate release 6 July 2001
ITE Group Plc ('ITE') acquires 75% of Extension 21 Limited ('Harrogate
Womenswear Fashion Events') - now renamed ITE Moda Limited.
ITE announces that it has entered into a contract to acquire 75% of Extension
21 Limited (now renamed ITE Moda Limited), the organisers of the UK Harrogate
Womenswear Fashion events. The initial cash consideration will be £1.677
million, with a further cash amount based on valuing ITE Moda Limited, at five
and a half times the net contribution before tax of the the two UK Harrogate
Womenswear Fashion events held in February and August 2001. The consideration
is capped at a maximum of £ 2.5 million.
ITE Moda Limited, currently organises two exhibitions in Harrogate, UK and is
currently planning to launch two new fashion events for the 2002 year at the
National Exhibition Centre in Birmingham, UK. These two new events will
provide a well positioned platform for womenswear industry brand owners to
reach retailers twice a year. The current two Harrogate exhibitions, are
expected to cover in excess of 10,000 sq.ms for 2001.
The directors of ITE believe that the Harrogate Womenswear Fashion events fit
into ITE's strategy of focusing on developing its established themes through
various brand groups. This acquisition will be incorporated into one of ITE's
vertical brands, Fashion and Textiles.
Lawrie Lewis, ITE's Chairman said:
'The acquisition of the Harrogate Womenswear Fashion events assists us to
further develop ITE's fashion portfolio and brings well experienced management
to our group. Coupled with ITE's internal management resources in the fashion
sector, we believe ITE is well positioned to grow its UK fashion business over
the forthcoming years. The exhibition themes fit well with our fashion and
textiles division and allows ITE the opportunity to further diversify its
For further information, please contact:
ITE Group plc 020 7596 5000
Buchanan Communications 020 7466 5000
Richard Oldworth / Isabel Petre