£1.5m Deal Signed with Harden's Ltd
Cube8.com PLC
9 May 2000
Cube8.com signs £1.5m deal with Harden's Limited
Cube8.com, the AIM-quoted internet incubation and investment company which
also provides strategic management consulting and technology services,
announces today that it has made a cash investment in Harden's Limited
('Harden's') for an initial 12.11% stake. Cube8.com also has options to
increase its stake to 42.5% within 18 months. The maximum total consideration
is £1,518,000, comprised of £1,118,000 in cash and the issue of new Ordinary
Shares in Cube8.com totalling £400,000.
Harden's, based in London, recently acquired the business of Harden's Guides,
publishers of the capital's longest-established consumer-response-based
restaurant guide, Harden's London Restaurants, now entering its 10th annual
edition. Harden's also publishes restaurant information at www.hardens.com,
which recently received the five-star award as top food-related site from 'The
Net', the UK's top-selling internet magazine.
Harden's publishes a range of other titles, including Harden's Top UK
Restaurants, which is researched in association with The Observer.
Commenting on the investment, Tim Dean-Smith, Chairman and Chief Executive of
Cube8.com, said, 'Over nearly ten years, Harden's publications have built up a
devoted readership amongst savvy Londoners, who know the name stands for
comprehensive high-quality information presented in a highly compressed
format. This interactively generated content is ideally suited to new media
applications, and Harden's have built a large community of survey
participants. We are very excited about the possibilities of combining Cube8's
expertise with Harden's existing content and approach, and this should enable
the business to grow very rapidly.'
Peter Harden said, 'Until now, we have built Harden's up without any recourse
to external investment, however with the continued boom in consumer demand for
quality information on the UK's ever-increasing range of quality restaurants,
there are significant opportunities for expansion. Cube8.com's funding and
experience will help us greatly to accelerate the services we can offer in new
media formats, both by developing existing content and by expanding into new
sectors and geographical areas.'
Dan Parker, Commercial Director of Cube8.com, will join brothers Richard and
Peter Harden on the board of Harden's with immediate effect.
www.cube8.com www.hardens.com
For further information, please contact:
Cube8.com plc Tel: 020 7243 2000
Tim Dean-Smith, Chairman & Chief Executive
E-mail: timds@cube8.com
Harden's Limited Tel: 020 7839 4763
Peter Harden, Director
E-mail: ph@hardens.com
Issued by:
Bankside Consultants Limited Tel: 020 7220 7477
Henry Harrison-Topham / Julian Bosdet
E-mail: henry@bankside.co.uk / julian@bankside.co.uk