Rapidly growing home & garden e-tailer WorldStores has today announced the acquisition of Timcris, a specialist in off-the-page reader offers to newspapers and magazines.
A statement released by the company said that the takeover will allow WorldStores to promote its 175,000-plus product range to readers of many leading publications across the UK.
Providing a new route to market, the acquisition adds to the 77 specialist web stores currently operated by WorldStores, which include BedroomWorld, GardenFurnitureWorld and a host of other sites dedicated to domestic goods.
Richard Tucker, Co-Founder and Joint CEO of WorldStores, commented: “The acquisition of Timscris will allow us to offer our newspaper and magazine customers a hugely extended range of goods.
“This acquisition is the first step in leveraging our colossal product catalogue and distribution platform through a channel other than our portfolio of niche online stores.”
WorldStores, which is backed by venture capital firms Balderton Capital and Advent Venture Partners, which have invested a further £8.5 million in the business this summer, generates annual sales of around £40 million and is currently planning for European expansion.
At a time when many high street retailers such as Thorntons, Mothercare and HMV are downsizing their store portfolios, the Twickenham-based group’s growth plans make a refreshing change to the doom and gloom emanating from other areas of the industry.
The web company is certainly operating in a burgeoning sector, with the latest IMRG and Capgemini e-Retail Sales Index showing that online retail sales were up 17 per cent year-on-year for the period between January and August, while the online home & garden sector experienced the largest annual growth in August alone.
“Despite the challenges faced by many high street retailers, WorldStores’ exciting growth story continues unchecked,” Tucker added.
“The company is on track to generate record sales this year - which will be another year of substantial growth.”
Once the takeover of Timscris is completed, the acquired firm will be rebranded as WorldStores Readers Offers.
Timcris’s directors and staff will transfer across to their new employer, while the company’s offices and warehouse facilities in Rochester, Kent will also be taken on by WorldStores.