Gear4music Holdings PLC (AIM:G4M) shares rose 5% after the UK’s largest musical instrument retailer announced the acquisition of assets from a competitor that recently entered administration.
The group has agreed to purchase stock worth up to £2.4 million at cost value, along with intangible assets such as websites, trademarks and commercial data, for a total consideration of up to £1.2 million.
The assets are being acquired from the administrators of Jamm Co 2019 Ltd and its subsidiaries, including S&T Audio Ltd, which traded as PMT (Play Music Today).
PMT was the UK’s fourth-largest music equipment retailer, with £43 million in turnover for the year ending April 2024.
Gear4music clarified it is not taking on any of PMT’s trading operations, assets or liabilities, and has no current plans to use the PMT brand.
The shares rose 8.35p to 158.35p.