FUNTASTIC ANNOUNCES SUCCESSFUL COMPLETION OF THE ACQUISITION OF HOBBY WAREHOUSE GROUP
The Board of Funtastic Limited (ASX: FUN) announced the successful completion of the acquisition of 100% of Australian e-commerce websites Toys “R” Us, Babies “R” Us, Hobby Warehouse and Mittoni and the issue of new shares in the company.
Shareholders overwhelmingly voted in favour of the Proposed Transactions at the Company’s 2020 Annual General Meeting held in November 2020.
Louis Mittoni was appointed Managing Director and Chief Executive Officer of the Company and Kevin Moore was appointed Chairman of the Company.
“Toys”R”Us is now one of the fastest growing online retailers in ANZ and we will now look to accelerate that growth in 2021 with further expansion plus the commencement of Babies”R”Us. Our plans include building new physical and digital logistics in addition to innovative, ‘experiential’ physical store formats,” Mittoni said.
“Our wholesale businesses, Mittoni Technology and Funtastic, will continue to focus on and support all retailers with a wide range of some of the best-known branded technology, toys and baby products. We are looking forward to building a company with strong foundations and big plans for growth.”