Companies

Wallgate Group

Overview

Wallgate Group buys batches of discounted electrical products and wholesales them. Clearance retail outlets operator Hitchens Group joined Aim on 14 August 2007 when it reversed into Plus-quoted shell Azurite Investments and raised £2.32m at 0.75p a share. This is equivalent to 7.5p a share after the 10-for-one share consolidation on 24 September 2007. Hitchens bought Wallgate Services for £8.76m and Plus-quoted shell Flarepilot for £500,000 in April 2008. At the same time £1.1m was raised at 13p a share. Hitchens changed its name to Wallgate Group on 16 June 2008. The Hitchens retail business was placed in administration in October 2008. Wallgate¬†has relationships with manufacturers and retailers and it takes the returned consumer electronics products from them and sells them on. It does this through a revenue share model where it gives the manufacturer/retailer a share of the money it receives, after refurbishment expenses,¬†when they are sold on. Some of the products in any particular batch do not work but the majority do and parts can be taken out of the ones that do not work to repair others. www.wallgategroup.com

Sector: Consumer

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