Gordons advises on sale of online electronics retailer YooNoo
Thursday 20th September 2007
Leeds and Bradford-based law firm Gordons has successfully advised online electronics retailer YooNoo on its acquisition by eXpansys plc, a leading retailer of smartphones and handheld devices with wireless connectivity. The price paid by eXpansys may reach £1.2m depending on the performance of YooNoo in the 12 months following completion.
Stokesley-based YooNoo – through its websites www.globalpositioningsystems.co.uk, www.shiroi.co.uk and www.goaudio.co.uk – is the market-leading online retailer of satellite systems. It was snapped up by eXpansys as part of the Manchester company’s ongoing controlled expansion strategy.
Simon Pitts of YooNoo said: “As an eXpansys company, we are now in the ideal position to further develop our offer and accelerate the achievement of our business objectives.
“Throughout the process of selling YooNoo, the team at Gordons provided us with clear, focused advice that allowed us to understand the complexities of the transaction. Their experience of similar deals and understanding of our business made the sale a straightforward process.”
Thanks to the acquisition, YooNoo will also benefit from significant cost savings achievable through economies of scale, particularly in warehousing, financing and IT.
James Fawcett, corporate solicitor who led the Gordons team, said: “YooNoo is a business with an exciting future. It has an excellent reputation for both providing good customer service and possessing outstanding product knowledge. These are solid foundations upon which to grow and with eXpansys’s backing I have no doubt YooNoo will realise its potential.”