8.83% Stake Taken in crocus.co.uk for £750,000
NewMedia SPARK PLC
17 December 1999
NewMedia SPARK plc invests in
crocus.co.uk together with Lord Rothschild
and Henry Kravis
NewMedia SPARK plc ('SPARK') has invested £750,000 for an
8.83% stake in crocus.co.uk, a gardening e-commerce
startup. SPARK's investment is being made in conjunction
with a consortium including Lord Rothschild and Henry
Kravis, the US financier, which has invested a further
£750,000.
crocus.co.uk aims to be the first web site offering
horticultural products and advice to the UK gardening
market, estimated by independent research to grow from
£2bn in 1998 to £2.7bn in 2003. The web site will be
launched in early 2000. The UK gardening market continues
to grow rapidly, driven by greater house ownership and
increased media coverage of gardening subjects,
particularly on TV.
The management of crocus.co.uk believes that the site
will have significant advantages over existing retail
channels, such as garden centres, will be more
competitively priced, offer a wider range of stock, and
more comprehensive advice and extensive suggestions for
gardeners.
The founders of crocus.co.uk - Mark and Peter Fane -
bring substantial horticultural experience to the
offering. Both Mark and Peter Fane, who are Chairman and
Managing Director respectively of Waterers Landscape plc,
will be devoting the majority of their time to the new
venture.
Waterers, formed in 1984, has a turnover of £16m and is a
market leader in supplying grounds maintenance services
to corporate customers and local authorities. Waterers,
which recently won the Millennium Dome contract and has
won 13 Gold Medals at the Chelsea Flower Show, has 450
staff and 12 depots around the country
These resources will be made available to crocus.co.uk
together with existing supplier and distribution
networks.
Lord Rothschild, who has significant experience of the
sector through his twenty year association with Clifton
Nurseries, will be joining the Board of crocus.co.uk.
Tom Teichman, Chairman of SPARK, said:
'It is a delight to find such an experienced team in a
strong market sector. The product offering will be a
very good use of the internet combined with top quality
product supply'.
Commenting on the investment, Lord Rothschild said:
'Having had gardening interests for many years, I am
delighted to have the opportunity of investing in such a
potentially strong e-commerce offering to the rapidly
expanding UK gardening community.'
Commenting on crocus.co.uk, Mark Fane, Chief Executive
said:
'With our direct experience and established horticultural
infrastructure crocus.co.uk will be the first significant
internet gardening offer in the UK. The potential is
clearly seen by the quality of investors that crocus has
attracted and we look forward to offering the public what
they want: top information and a larger selection of
plants and products at prices cheaper than available
anywhere else'.
_________________________________________________________
For further information please contact:
NewMedia SPARK 07007 333 123
Tom Teichman, Chairman
crocus.co.uk 07801 915 901
Mark Fane, CEO
Buchanan Communications 020 7466 5000
Lisa Baderoon / Tim Anderson
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