Groclin wants to acquire a second-hand clothing company with about 30 million PLN

Groclin has signed a letter of intent, the purpose of which is to start negotiations and set terms for a 100% acquisition. In the capital of a company engaged in the acquisition and sale of used clothing – Groclin reported in a press release. The estimated value of the transaction is approximately 30 million PLN.

Groclin wants to fund the transaction with its own money raised for investments and by exchanging shares for shares.

The company that Groclin wants to acquire operates through two distribution channels: traditional and online.

“Currently, as per the terms of the letter of intent, the issuer is examining the legal and financial position associated with the appraisal process. The works are expected to be completed by the end of March 2022.” – wrote in a press release.

Groclin previously announced that it had adopted a development strategy that included operating under the LESS brand in the LESS STORE and LESS BIKE electric mobility segments.

The development strategy of LESS_STORE assumes the launch of an online store before the end of the first quarter of 2022. Brick and mortar stores are scheduled to open in the second quarter of 2022. In February, the sorting plant was launched, which is to be the logistics center for online store and stationary stores. (PAP Biznes)

Doaa / Anna /