Debenhams goes danish

Debenhams has bought Magasin, a leading department store chain in Denmark for £12.3 million - t has bought the entire share capital of Wessell & Vett, Magasin du Nord, the holding company for the chain, from Magillum...

Magasin has a portfolio of six department stores in Denmark including its flagship Kongens Nytorv store in Copenhagen city Centre.

Rob Templeman, chief executive of Debenhams, said: "We are pleased to add Magasin to the Debenhams group and believe that the close fit between the two businesses will be mutually beneficial.

"Magasin is one of the best recognised brands in Denmark with a loyal customer base and some great products.

"The success of our international business demonstrates that there is demand for our own bought and Designer brands outside our home market which we believe will complement Magasin's existing brands and deliver both outstanding value and choice to the Danish consumer.

"As part of the Debenham's group, Magasin will be able to benefit from the Debenhams infrastructure and economies of scale. As we realise the synergies that will be available to both companies, we anticipate that this acquisition will be highly accretive for Debenhams shareholders"

Source: www.propertyweek.com