Feeds

GUS buys Jungle for £37 million

It was once valued at £700 million

  • alert
  • submit to reddit

Intelligent flash storage arrays

Great Universal Stores has bought Jungle.com for £37 million.

The deal includes £12 million to clear the online computer retailer's debt.

John Peace, chief exec of GUS, said the deal meant GUS could offer computers through stores, catalogue or the Internet. GUS owns retail chain Argos as well as a number of catalogue brands.

Steve Bennett, founder and chief exec of Jungle, has signed a four-year contract with the retail giant and will report to Argos boss Terry Duddy.

Jungle had planned to float until dotcom valuations plunged. Bennett had also had offers from Dixons and Kingfisher for his business. More than 95 per cent of Jungle's business is IT equipment but it also sells videos and music.

Jungle had sales of £75 million for the year to 31 July. In February it was valued at £700 million. ®

Related Story

Software Warehouse's old retail chain shuts doors

Top 5 reasons to deploy VMware with Tegile

More from The Register

next story
WHY did Sunday Mirror stoop to slurping selfies for smut sting?
Tabloid splashes, MP resigns - but there's a BIG copyright issue here
Spies, avert eyes! Tim Berners-Lee demands a UK digital bill of rights
Lobbies tetchy MPs 'to end indiscriminate online surveillance'
How the FLAC do I tell MP3s from lossless audio?
Can you hear the difference? Can anyone?
Google hits back at 'Dear Rupert' over search dominance claims
Choc Factory sniffs: 'We're not pirate-lovers - also, you publish The Sun'
EU to accuse Ireland of giving Apple an overly peachy tax deal – report
Probe expected to say single-digit rate was unlawful
Inequality increasing? BOLLOCKS! You heard me: 'Screw the 1%'
There's morality and then there's economics ...
While you queued for an iPhone 6, Apple's Cook sold shares worth $35m
Right before the stock took a 3.8% dive amid bent and broken mobe drama
prev story

Whitepapers

A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.