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Satisfaction guaranteed - or your money back! FSI advise on sale of Wallgate “customer returns” business to Hitchens retail group

Hitchens Group Plc, the AIM-listed retailer, has acquired Wallgate Services Limited (“Wallgate”), for a total consideration of £8.76 million. The acquisition combines the shops and online retail distribution base of Hitchens with the retail outsourcing services of Wallgate and its online retail subsidiary Best Price Trading Limited. A corporate team at Finers Stephens Innocent, led by partner Sara Wax, advised the sellers of Wallgate on all aspects of the deal.

Wallgate is a well established and successful provider of outsourcing services to major manufacturers, retailers and distributors allowing them to maximize their recoveries on consumer returns, principally for higher value consumer electronics goods.

Both Hitchens and Wallgate have established successful online offerings through their sites currently trading on eBay as, respectively, Hitchens Hot Deals and Bestprice Trading. They have combined feedback of over 65,000 with a positive feedback of 99.8%. The combined management team has an in-depth knowledge of the UK retail markets.

Commenting, John Taylor, current MD of Hitchens Group plc said: "This is a transforming acquisition for Hitchens which immediately brings together two highly complementary businesses which are focused on the retail consumer electronics market in the UK."

Howard Strowman, previously CEO of Wallgate who has now joined the Hitchens PLC Board as Group CEO, said "I have used Paul Millett for many years as my corporate lawyer. At FSI he has a great team of lawyers that 100% protect my interests and are extremely bright people! This particular deal, run by corporate partner Sara Wax and corporate assistant Gillian White, was extremely complex and in a very difficult financial market. The whole team at FSI as usual did a really first class job and got the deal over the line for me!”

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Notes to editors:

  • The FSI team was led by Sara Wax
  • Hitchens Group were represented by Pannone LLP

Finers Stephens Innocent LLP have:

  • a substantial corporate team with particular expertise in respect of flotation on the AIM market
  • an expanding client list including: The Telegraph Group, Interactive World Plc, Essential Lighting Group, XLN Telecom, D&D (formerly Conran Restaurants), Jelf Group Plc, York Pharma Plc, Blues Clothing, Leading Health Club Group, Residential Land Group, Tragus Group
  • eight areas of practice: real estate, corporate, commercial litigation, IP media, private client, family, employment and personal injury
  • a partner led approach
  • 34 partners

For further information on this press release, please contact:

Sara Wax, Partner
T: +44 (0)20 7344 5537
E: sara.wax@fsilaw.com
FSILAW.COM