Gear4music – the largest UK-based online retailer of musical instruments and music equipment in the UK – has completed the acquisition of AV Distribution Ltd.
Trading as AV Online, the company sells a wide range of audio-visual equipment, including hi-fi speakers, home cinema systems and specialist furniture.
The deal was originally announced in September of this year and completed yesterday (Wednesday December 1).
READ MORE: Gear4music sales smash £157m as Brits turn to musical instruments
Commenting on the announcement, Andrew Wass, chief executive officer said: “With the launch of AV.com scheduled for January, we look forward to building on the profitable growth achieved by AV Distribution and leveraging the strength of our e-commerce platform and our European infrastructure to accelerate our growth in this £2.7bn European market.”
Wass also took the opportunity to report that Gear4music’s systems and supply chain operations performed well over the busy Black Friday and Cyber Monday period.
“We continue to be confident that our full year financial results will be in line with the recently revised consensus market expectations,” he added.
Gear4music believes consensus market expectations for the year ending 31 March 2022 are currently revenue of £149.2 million and EBITDA of £12 million.
Click here to sign up to Retail Gazette’s free daily email newsletter
