MELBOURNE: Embattled wholesaler Mercury Brands has just over one month to organise finance for a prospective acquisition.
The Melbourne group has moved to acquire brand licenses and stock for Australian Horizons, an apparel division of toy and lifestyle company Funtastic.
The acquisition was conditional on Mercury Brands' ability to gain financing by August 3, 2009. Until then, the terms of the transaction would remain confidential.
Directors said they had already received "strong interest" from finance providers and were confident of raising the required capital in time.
"The acquisition of assets from Funtastic will provide significant revenues and return Mercury Brands to strong profitability."
Mercury Brands portfolio included Purr, Rochford, Billie Cart, Contempo, Crusty Demons and international denim brand Chip and Pepper.
For a breakdown on which company snapped up Funtastic's footwear brand, pick up a copy of Ragtrader's July 3 issue.