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(Sharecast News) - Musical instruments retailer Gear4music said on Wednesday that it had purchased stock and certain intangible assets with a cost value of 1.8m from rival GAK's administrators for just 600,000.
However, Gear4music added that it was not acquiring any part of GAK's trading business, nor any other assets or liabilities, and noted that it has no current plans to use the GAK trading name.
Gear4music also reported that the "marked improvement" in UK and European like-for-like sales seen in the latter half of March has been sustained over the first two weeks of April, with a return to double-digit sales growth over the last 30 days providing it with further confidence in the outlook for the year ending 31 March 2026.
As of 1100 BST, Gear4music shares had rallied 14.60% to 134.65p.
Reporting by Iain Gilbert at Sharescast.com
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