- Inventis (IVT) subsidiary, Vibe Furniture, has completed the purchase of Bassett Furniture
- Bassett is Australian furniture manufacture which will now create a broader range of lounges and commercial soft seating
- The company said it is difficult to predict the future for the 2020 financial year given the current uncertainty surrounding the COVID-19 impact
- However, with the Australia dollar at the lowest level in decades, Australian manufactures are becoming a lot more competitive against imports in Asia
- In addition to the above, Vibe Furniture has also purchased the business trading name and webpage of Bevisco, a commercial interior designer, for $20,000
- On market close, Inventis remains unchanged and is selling shares at 0.5¢ per share
Inventis (IVT) subsidiary, Vibe Furniture, has completed its purchase of Bassett Furniture.
The company has completed its due diligence and has now finalised all contracts relating to the deal.
For 100 per cent control of Bassett, Vibe will pay a total $319,252.
Bassett is an Australian furniture manufacturer which will now create a broader range of lounges and commercial soft seating for Winya Indigenous and other companies within the group.
It is difficult to predict the future for the 2020 financial year, given the current uncertainly surrounding the COVID-19 impact.
However, Managing Director Anthony Mankarios said it is the group’s goal to grow network sales and to climb out of this difficult year with a much stronger integrated business model.
“With the Australian Dollar at decade lows, in addition to quality, Australian manufacturers should become much more competitive against imports from Asia, especially when it comes to bulky items such as lounges and other soft seating solutions,” Chairman Tony Noun said.
Bevisco Commerical Interiors Purchase
In addition to the above, Vibe Furniture has also purchased the business trading name and webpage of Bevisco, a commercial interior designer, for $20,000.
Bevisco has been a long-time furniture supplier to Government and New South Wales hospitals. It specialises in commercial fit-outs for workstations, office screen partitioning and commercial furniture.
“Whilst we have not taken over this business as a going concern, Bevisco’s previous business generated revenues of well over $4 million per annum in 2019,” the company said.
However, this cannot be taken as an indication of what is expected for the new financial year.
“We will now operate the Bevisco brand from our George Street offices in Sydney city. The brand and the client contacts will be integrated into our existing operation,” the company added.
On market close, Inventis remains unchanged and is selling shares at 0.5¢ per share.