Max Wright, founder of Multiple Zones, continues to control 40 per cent of the company, though Cancom has until 2003 to buy his remaining shares if it desires. The acquisition is subject to approval by Cancoms’ board of directors.
The acquisition cost £800,000 - £350,000 in cash and £450,000 in shares. An additional £625,000 loan has been made to finance the development of Multiple Zones.
Cancom is the largest Apple reseller in Germany, with a major presence in every European territory. Multiple Zones (also known as Mac Zone) had an £11.5 million turnover in 1999. With the purchase of Multiple Zones, Cancom is now the largest Apple reseller in Europe – it’s turnover this year is expected to top £90 million.
The companies plan to launch a network of AppleCentres and Apple Digital Video Centres throughout the UK by 2002.