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Tandem buys Dawes Cycles

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LONDON, UK (12 july) – Tandem group plc is a sports and leisure group which -among other activities- produces and distributes bicycles (Ernie Clements-Falcon) in England. Tandem recently announced the acquisition of Dawes Cycles for an initial consideration of GBP 231,000 (US$324,600; Euro 380,750) payable by the issue of 4,200,000 Tandem shares. This initial consideration […]

LONDON, UK (12 july) – Tandem group plc is a sports and leisure group which -among other activities- produces and distributes bicycles (Ernie Clements-Falcon) in England. Tandem recently announced the acquisition of Dawes Cycles for an initial consideration of GBP 231,000 (US$324,600; Euro 380,750) payable by the issue of 4,200,000 Tandem shares. This initial consideration is equal to the estimated net assets acquired on completion. Further consideration will be payable in September 2001 by the issue of Tandem shares to the completion of 100% of the agreed value of GBP360,000 (US$506,000; Euro 593,300). This acquisition is the third Tandem have made in the last 9 month after Pot Black Ltd. (snooker equipment) and TwoWheel Trading Ltd. Dawes was established in 1926 and has always had a good brand reputation for classic tourers , trekking bikes and tandems. Dawes has in recent years been part of Accell holding (formerly Atag), but has been bought out by its management. (OB)

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