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January 7, 1988

CANNON STREET BUYS DUTCH TRADER DUNNET

By CBR Staff Writer

Cannon Street Investments Plc has acquired Dutch electronics trader and distributor Dunnet NV for an intial payment of ?1.3m. Over the next three years futher payments will be made to a maximum of ?7.04m depending on the Rotterdam-based firms profits. Cannon Street bought the company through its existing PST computer hardware and consumer electronics trading subsidiary based in Marlow, Buckinghamshire. The two will continue to operate independently. Dunnet deals in surplus computer hardware as well as distributing its own range of products. These include its Yosaki IBM Personalikes which are manufactured in the Far East and the Plugin series of XTs, ATs and 386 machines. In addition Dunnet has floppy disks from 3M and Xidec, monitors from Philips Taiwan and diskettes and peripherals, all sold under its own brand names. At present Dunnet is in talks with Fujitsu and Epson to buy in matrix printers which it hopes to add to the range by the middle of this year. Computers and electronics are expected to account for 15% to 20% of Cannon Street’s business when the acqusition has been completed. Its turnover in the last year was around ?100m. Dunnet’s turnover in the last financial year was around ?9.9m with ?743,000 pre-tax.

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