Vic: Poppy Industries sold to Melbourne syndicate

AAP General News (Australia)
12-09-1998
Vic: Poppy Industries sold to Melbourne syndicate

MELBOURNE, Dec 9 AAP - A Melbourne business syndicate which bought Poppy Kings failing
business will make the lipstick queen chief executive of the new company.

Receiver of Poppy Industries, John Spark, an accountant with Ferrier Hodgson, announced the
purchase for an "undisclosed sum" by the private syndicate headed by Toorak businessman Adam
Trescowthick today.

"When we advertised the business for sale in October we received more than 70 expressions
of interest from international and Australian cosmetics, lingerie and other companies," he
said in a statement.

"I am pleased with the outcome and believe it presents the best possible result, under the
circumstances."

Mr Trescowthick, who is also chairman of the department store chain Harris Scarfe Holdings
Ltd, said Ms Kings role would enable her to continue to focus on new product ideas.

Mr Trescowthick, who will be chairman of the new company, said his group viewed the
acquisition as an excellent business opportunity.

"The syndicate involves a number of skilled business people whose collective business
experience will make a positive difference to the business," he said.

"Our research has shown that Poppy is one of the highest top of the mind brands in the
country."

Ms King said she was pleased to have a difficult period behind her.

"The good news is that, despite the difficulties, we have experienced very strong consumer
demand for all of the companys products," she said.

"On a personal note I am pleased with the outcome and am looking forward to working with
the purchasers to build the business into the success I always thought it would be."

AAP hmg/er/it

KEYWORD: POPPY (CARRIED EARLIER)

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