Reliance Brands completes acquisition of Hamleys for 67.96 million pounds

NEW DELHI: Reliance Brands, a subsidiary of Reliance Industries, has completed the acquisition of British toy retailer Hamleys for GBP 67.96 million (about Rs 620 crore) in an all-cash deal.

In May this year, Reliance Brands had signed an agreement to acquire 100 per cent stake in Hamleys Global Holdings from Hong Kong-based C.banner International.

Reliance Brands has completed the acquisition of 100 per cent stake of Hamleys Global Holdings (HGHL) through a special purpose vehicle company set up in the United Kingdom for cash consideration of GBP 67.96 million, Reliance Industries said in a BSE filing Thursday.

Hamleys, founded in London in 1760, is one of the world's oldest retailers of toys and has changed hands several times. In 2015, China's C. banner International had acquired Hamleys in a GBP 100-million deal.

In October last year, Sky News reported that C. banner International, which is listed on the Hong Kong Stock Exchange, had launched a strategic review of loss-making Hamleys' and was looking to sell it.

Hamleys has 167 stores across 18 countries. In India, Reliance Retail had the master franchisee for the brand and operates 88 stores across 29 cities.