Fayrewood Plc confirmed yesterday that it had sold French outfit Banque Magnetique SAS to DCC Plc's retail disty subsidiary.

Gem Logistics scooped up the consumer electronics and IT peripherals firm after DCC paid Fayrewood €12m to complete the deal.

A further €500,000 will be handed over on 30 June next year subject to Banque Magnetique racking up pre-tax profit of at least €5.5m.

In recent weeks, Fayrewood has been fueling speculation that it will be imminently bought out.

It had initially been shy about revealing which firms it was in talks with. However, earlier this week it confirmed that North Atlantic Value LLP was one possible bidder for the Aim-listed company.

Fayrewood shares are currently trading at 124 pence on the London Stock Exchange, up nearly two and half per cent on the previous close. ®

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