Multimedia Corp takes WeddingGuide UK stake
Net and marriage go together like horse and carriage
The Multimedia Corporation has bought a 6.8 per cent stake in WeddingGuideUK.com, "the leading UK website for engaged couples and newlyweds" for £500,000.
This includes the acquisition of loan stock, so presumably it will be repaid some of this money (or convert to equity at a later stage). Mike Barratt, the founder and "UK wedding etiquette expert", remains as a significant shareholder and will continue to run the business.
WeddingGuideUK.com made a "small profit in the year to 31 March 1999 and had net assets of approximately £12,000 as of that date". Which is not very much, is it?
Set up in October 1996, WeddingGuideUK.com "has achieved an outstanding growth record as a result of its very high levels of on-line and off-line customer support and strong editorial content. In March 1999, WeddingGuideUK.com had audited ABCe page impressions of 1.2m. A respectable figure, but hardly earth-shattering.
There is of course, a potential ecommerce play here, as Multimedia Corporation points out. But that's going to cost a lot of money. Multimedia Corporation is buying the WeddingGuide UK stake through its £9.5m Puma II fund. ®