Briscoe Group to purchase Living & Giving

Briscoe Group to purchase Living & Giving

Briscoe Group has agreed to purchase specialty homewares chain Living & Giving. The purchase will be effective from 27 November 2006 and is subject to a number of process conditions which are expected to be completed prior to 27 November 2006.

“We are delighted to take this opportunity to extend our already strong position in the homewares market,” Briscoe Group Managing Director Rod Duke said today. “Living & Giving serves a market segment that we understand very well, and presents numerous opportunities for growth.

“Living & Giving will sit very comfortably with our 38 Briscoes Homeware stores and the exciting Urban Loft concept launched in Auckland in October. It will also benefit from synergies arising from integration with the Briscoe Group operating platform, including back office functions and purchasing capacity. We are looking forward to the existing Living & Giving employees becoming an important part of the Briscoe Group team.”

The Living & Giving concept provides lifestyle and gift options combining quality and good value. The chain has nine stores in Auckland, Wellington, Hamilton, Tauranga, Mt. Maunganui and Christchurch, and an online store serving customers in locations remote from the physical stores. It also has extensive postal and e-mail customer databases.

Living & Giving has been extensively reorganised over the past three years, including the creation of a new format implemented in three stores. The chain was established in 1987, and has been owned since 2000 by Pacific Retail Group.

ENDS

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