Morrisons has taken its first step in developing its online business by acquiring online retailer Kiddicare, together with the rights to its technology platform, for a total consideration of£70m.
The company will continue to trade separately as kiddicare.com, led by Scott and Elaine Weavers-Wright, who will pursue an“ambitious growth” agenda.
Kiddicare, founded in 1974 by Neville and Marilyn Wright, is the UK’s leading specialist online retailer of baby products. Turnover in the last full financial year (2010) was £37.5m and has grown by 75% in the past three years. Over 80% of sales are now through the online channel.
The company owns a new state of the art freehold distribution facility and operates the largest baby nursery equipment retail store in Europe based in Peterborough, comprising 160,000 square feet of warehouse, retail and office space.
Morrisons intends to build its online non-food business, developing the kiddicare.com platform and management team, launching its first products in 2012.
Dalton Philips, chief executive of Morrisons, said:“This acquisition brings not only a respected, successful and fast growing specialist retailer into the Morrisons group but also a robust, scalable and highly advanced technology platform around which we can begin to build our e-commerce offer.
“We are delighted to welcome Scott and Elaine Weavers-Wright to Morrisons, along with their team. They are two of the most talented and respected operators of online retail today and their experience and track record with Kiddicare.com has been outstanding. Their knowledge and expertise willbe invaluable as Morrisons builds its online business.”
Source: Morrisons
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