MBL shares up on Best Buy deal
MBL. the North West distributor of home entertainment products has signed an exclusive deal with US retail chain Best Buy.
The news sent MBL’s shares up 10% or 16p to 172p.
Best Buy is moving into the UK early in the New Year, and through its partnership with Carphone Warehouse plans to open at least 80 stores.
The company, the world’s largest electrical retailer, has more than 1,100 stores in the US and nearly 200 in Canada.
AIM-listed MBL – which is chaired by respected retailer Peter Cowgill, executive chairman of JD Sports Fashion, said it would be supplying Best Buy with DVDs, BluRays and CDs.
The contract is for an initial period of 12 months with the potential to extend for a further 12 months.
MBL has responded positively to the changes in the market place this year and the demise of Entertainment UK. MBL is growing its business fast and Best Buy is the latest partner in its expanding portfolio of customers.
Chief executive Trevor Allan said: “We are delighted to be working closely with Best Buy. Over the coming months, Best Buy and MBL will be working with the industry to share plans and explore future opportunities.”
