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CHV snaps up Artis for Arqual flotation.

Crossley House Ventures, the smaller companies division of industrial corporate developer Gartland Whalley and Barker, yesterday snapped up kitchenware distributor John Artis.

The pounds 3.14million paid for the Surrey business includes pounds 180,000 of shares in Goodvacation, a new company formed by CHV to make the acquisition.

Further consideration, up to pounds 2million, could be paid depending on Artis's operating profits in the year to March 31, 1999.

Artis is an importer and distributor of glassware, porcelain, stoneware, cutlery and kitchen knives to the wholesale restaurant and catering industry. It will be integrated under the umbrella of GWB's distribution group Arqual.

Artis will join CHV acquisitions, Vatre Terracotta and Precision Made Gol for eventual flotation under the name Arqual on the Alternative Investment Market.

In June, GWB snapped up a small Birmingham furniture assembler, Cooper and Palmer, and Systems furniture in Weston-super-Mare.

Those two companies are now part of GWB's office furniture group, Ofquest, set for flotation probably within the next 18 months.
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Publication:The Birmingham Post (England)
Date:Aug 11, 1998
Words:165
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