£3m price tag agreed
International fashion brand management group Marchpole Holdings has agreed to buy ladies footwear group Greenmark, which provides shoe design and wholesale services to UK based retailers, for£3 million.

The acquisition, which requires shareholder approval, will be financed through the group's existing cash resources and the issue of loan notes to the vendor.

Marchpole said Greenmark's customers include leading UK retailers with multiple outlets. And, according to the company, the acquisition will further the profit and growth potential of the group by broadening its customer base, also enabling it to sell a wider range of footwear to existing customers.

The company believes that additional employees, along with the acquisition, will help contribute to the group's ongoing success.

Marchpole executive deputy chairman Michael Morris said: 'We believe Greenmark is an excellent strategic fit given the similarities between the two companies. The acquisition is another significant step towards the evolution of the company into an international fashion brand management group with a collection of globally recognised labels. We believe that the company is even better placed to maximise further licensing and acquisition opportunities.'

Greenmarks's turnover was£24.1 million and pre-tax profit£3.2 million for the year to December 31. Marchpole's turnover was£38.4 million. Pre-tax profit was£4.9 million for the year to March 31.