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Legendary Invest PLC (LEG)

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Tuesday 30 October, 2012

Legendary Invest PLC

Investment into Virtual Stock Limited

RNS Number : 7762P
Legendary Investments PLC
30 October 2012
 



 30 October 2012

Legendary Investments Plc

 

("Legendary" or the "Company")

 

Investment into VirtualStock Limited

 

Legendary is pleased to announce that it has negotiated a small minority stake in VirtualStock Limited ("VS") for a consideration which includes strategic, financial and business consultancy services to assist VS to develop rapidly its business and just over £50,000 in cash. In addition, Legendary has negotiated an option to double its stake in VS at an increased valuation.

Founded in 2004, VS is a cloud-based software as a service ("SaaS") business which enables retailers to increase dramatically the range of products they sell online without the associated costs of and risks of holding stock. VS SaaS creates centralised managed environments between retailers and their suppliers enabling fully managed end-to-end drop-ship solutions.  As well as reducing costs and risks to its customers, VS SaaS enables its customers to sell online globally via localised web sites in local languages and currencies, with local payment processing and search engine optimisation.

 

VS's customers span a range of industries, from fashion to consumer electronics, books and stationery, computer hardware and power tools and DIY.

 

The growth in online sales continues to outperform traditional sales. The UK has over 37 million online consumers who spent over £68 billion in internet purchases in 2011. Despite a stagnant overall economic environment, online sales grew at 16% in 2011. The internet presents traditional channel retailers with challenges and opportunities. VS SaaS enables traditional channel retailers to reduce costs and risks and rapidly and effectively deploy online in the UK and globally.

 

Further information on VS can be found at http://www.virtualstock.co.uk/

 

VS, with Legendary's input, aims to expand rapidly its highly scalable business over the immediate and medium-term in order to maximise long-term strategic value.

 

Contact:



Legendary Investments Plc

Zafar Karim / Thomas Reuner

 

020 8201 3536

Grant Thornton Corporate Finance

 

Colin Aaronson/ Melanie Frean

 

020 7383 5100

 Simple Investments                

Nick Emerson/ Andrew Thacker

01483 413500

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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