Kresta ends east coast buy plans

Window blinds manufacturer and retailer Kresta Holdings has backed out of its proposed $10 million acquisition of Queensland-based Franklyn Blinds Awnings Security.

In a statement, Kresta said the agreement, announced in December, was subject to a number of conditions that were sensitive to a strict time frame.

It included Kresta obtaining the requisite financing for the purchase price, consents from counterparties to Franklyn Blinds’ key contracts, senior executives entering into employment contracts and regulatory approvals.

“Unfortunately one of these conditions was not able to be satisfied within the current contractual timeframe. Accordingly, the company has no choice but to terminate the agreement,” the company said.

Kresta said it would continue to focus and invest in its existing brands and markets, and would consider any future acquisition opportunities that come up.

Kresta shares were unchanged at 26 cents per share at 1pm.