Gear4music tunes up for strong Christmas trading period

Gear4music tunes up for strong Christmas trading period

MUSIC retailer Gear4Music has agreed a deal to acquire the software development team behind its e-commerce platform while it said it is well positioned heading into the Christmas period after posting strong revenues in its half year results. The York-based group, which completed its IPO in June 2015 raising £10.3m, has reached an agreement with its software development partner Venditan to acquire the development team and bring them into the Gear4music fold.

Andrew Wass, chief executive, said: “I am extremely pleased that during the last six months we have combined strong trading with significant strategic progress, as we continue on our journey to be one of Europe’s leading online retailers of musical instruments and equipment.

“To underpin our strong growth and physical geographic expansion, we are pleased to announce that our software development team will be brought in-house and, with further recruitment planned, expanded even faster to ensure we continue to build a market leading e-commerce platform.

“Trading remains strong heading into our important Christmas period and the board considers the group well placed to deliver results for the full year that will be ahead of its previous expectations.”

See the article in full at TheBusinessDesk.com

Important information

This information is of a general nature and does not constitute an offer to provide services.

The opinions and conclusions given here are those of Seneca Partners and are subject to change without notice.

The value of investments and/or any income arising from them may fluctuate.

Past performance is not necessarily a guide to future performance.

Important notice

The products and services shown on this website place capital at risk. Investors may receive less in returns than they have invested. Investments may not allow for capital to be withdrawn on demand. If an investment provides tax relief then this relief is subject to change and is dependant on personal circumstances. Any reference to past performance or forecasted performance is not a reliable indicator of future performance.

Seneca Partners recommends that any investor seeks specialised financial and/or tax advice before investing. Seneca Partners does not provide advice and the information on this website, including but not limited to news, should not be construed as such.

Please confirm that you understand this warning and wish to proceed.