Gear4music has announced that it has acquired AV Distribution Ltd, which is trading as AV Online, for an aggregate consideration of £9.2m.
Separately, the group has also acquired the website domain name AV.com.
The completion of the deal is dependent upon receiving approval from the Financial Conduct Authority (FCA) which is expected in or around December 2021.
Founded in 2003 by Carl Pickles, AV Online operates from a 26,000 sq ft warehouse, offices and showroom in Bacup, Lancashire.
The retailer has 21 members of staff, and generates sales principally from its main website audiovisualonline.co.uk, with further sales channels including Amazon, the showroom in Bacup, and several smaller websites operated by the business, including hificables.co.uk.
The board said that these acquisitions will “significantly increase” the group’s addressable market size and believes there are significant synergies between the market in which Gear4music operates, and the closely related but separate AV market.
Andrew Wass, CEO, Gear4music, said: “Operating in a £400m UK audio video market that is currently dominated by high-street based retailers, the board believes that AV Online will greatly benefit from being transferred onto the group’s highly scalable European e-commerce platform and being rebranded to ‘AV.com’.”