Let’s Explore Group has recently announced its conditional agreement to acquire Huddled Group and its subsidiaries for a total amount of 3.95 million pounds ($4.8 million). The London-listed company will make an initial payment of GBP3.45 million, with an additional deferred payment of GBP500,000 due by April 30, 2025. Both payments will be made through the issuance of consideration shares. Furthermore, as part of this transaction, Let’s Explore Group will also discharge loans and accrued interest amounting to GBP612,500 as of July 31.
The aim of this acquisition, which includes the Discount Dragon trading business, is to establish a larger group with a specific focus on expanding a portfolio of e-commerce brands. To reflect this strategic move, Let’s Explore Group plans to propose a name change to Huddled Group PLC.
In a statement, Let’s Explore Group expressed its optimism for the future of the discounted groceries market and its commitment to driving value for its shareholders. The company believes that this acquisition will enable them to seize the opportunities available in this industry.
In terms of financial performance, Let’s Explore Group reported a widened first-half pretax loss of GBP1.1 million, compared to a loss of GBP938,000 during the same period last year. This decrease can be attributed to a decline in revenue, which dropped from GBP103,000 to GBP62,000 as a result of the seasonality of its home-based entertainment business.
As of 0824 GMT, Let’s Explore Group’s shares were down 0.22 pence, or 8.2%, at 2.53 pence.
