Buy4Now bags Gresham as latest retail partner

10 Dec 2002

Online retailer Buy4Now has announced that Gresham Hotel Group plc has become the company’s latest retail partner.

The new site on the Buy4Now portal follows on from recent partner additions, such as an Eircom store, Galaxy Computers and the Buy4Now Christmas store.

Combined, the company expects the four new sites to generate €2m in terms of online revenue ahead of the company’s financial year-end in March 2003.

As well as receiving a cost for each transaction on the Gresham site, Buy4Now will receive an additional management fee for the hosting and ongoing development of Gresham’s e-business initiatives.

According to the company, this recurring income model, which is replicated through the majority of Buy4Now’s retail partners, is critical to the ongoing success of the Irish company.

Buy4Now recently announced a 74pc increase in online turnover to €6.84m and a net profit of €14,843 for the financial year to September 2002.

Buy4Now chief executive, Ali Murdoch said: “The addition of Gresham and Ryan hotels to our portfolio of key Irish brands is an important one for Buy4Now, as it continues to surge ahead in terms of year-on-year growth in what can be described as challenging times, both on the broader economic front and internet businesses generally.”

“Our focus now returns to adding key Irish brands to our growing online shopping centre, in addition to replicating the business model in international markets,” he added.

Patrick Coyle, chief executive of Gresham Hotel group plc, said: “Our objective was to enhance revenue streams by offering an additional sales channel. This is an exciting development for us. Buy4Now convinced us very early that it had the integrity, skills and support to devise a comprehensive online reservation facility.

Buy4Now, which is based in Sandyford, is one of the country’s biggest online companies and employees 44 direct employees and a further 200 indirectly.

Investors in the company, which also owns and controls subsidiary company, Buy4Now logistics, include Superquinn, Eircom and Heiton Group plc.

By Suzanne Byrne