Dabs Direct preps IPO with dotcom namechange
Web sales 'considerably greater than Jungle.com'
IT mail order company Dabs Direct is to change its name to dabs.com next month in preparation for an IPO by the end of the year. Dabs MD David Atherton is not yet sure how much of the Bolton-based company to float, but said he would expect 20 per cent of the business to fetch around £20 million. He plans to invest part of the money raised in expanding Dabs' product range – and is considering moving into such areas as office equipment, videos, cameras or even fridges and freezers. The rest of the money will help the £90 million t/o outfit's planned online music and video-selling business, Playdirect.com, to get off the ground. Dabs is due to open a London office for the two businesses, while it is also spending £2.5 million on a new warehouse facility in Bolton. The Internet accounted for £3.2 million of Dabs sales last month – almost half the £8.8 million total sales figure for March. "Our Web sales are considerably greater than those of jungle.com", according to Atherton. "The company has reached such a point that an IPO is the next logical step," he said. ® Related stories Dabs Direct launches Playdirect.com Dabs fingers Web for sales boost