27/06/2014 - 15:23

Cash Converters scores Queensland franchises

27/06/2014 - 15:23

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Perth-raised Cash Converters International has finalised the acquisition of three franchised stores in Queensland.

Cash Converters scores Queensland franchises

Perth-raised Cash Converters International has finalised the acquisition of three franchised stores in Queensland.

The stores have been purchased from an existing franchise for $5 million, which includes assets of $1.3 million.

The acquisition price represents an EBIT multiple of 3.9 times.

The consideration will be paid out of Cash Converters cash reserves and existing financing facilities.

These acquisitions will take the number of corporate owned stores in Australia to 64, with 59 stores in the United Kingdom.

The company said it is continuing to review opportunities to acquire further stores and increase the distribution network for its financial services products. 

Cash Converters shares were up by 0.9 per cent to $1.08 at 3:15pm WST. 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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