Compustore acquired by IQon

6 Dec 2004

Dundalk-based PC manufacturer IQon Technologies has acquired failed computer retailer Compustore and plans to invest more than €2m in developing and marketing a nationwide network of outlets, operated exclusively on a franchise basis.

Compustore recently announced the closure of four Dublin stores, which were wholly owned by the parent Compustore. The regional franchisee outlets were unaffected by the closure.

Under the terms of the acquisition, IQon has taken complete ownership of the Compustore brand, its registered trademarks, the e-business division of the company and the Compustore franchise operation. The business, which will be called Compustore 2004, will operate independently of IQon and provide customers with a broad range of both IT and consumer electronic products from well-known brands.

IQon has already begun negotiations with new franchisees and expects to have eight Compustores open and trading by the end of Q1 2005. “Our objective is to have nationwide coverage with more than 20 stores trading for the peak period in 2005,” said company director Ciáran O’Donoghue. “We are delighted with the initial responses we have received from both suppliers and potential franchisees. The Compustore offering to customers is to be dramatically improved to reflect a unique combination of value, choice and exemplary customer service.”

He added that Compustore 2004 aimed to become the No 1 computer retailer in the Irish market. The management line-up for Compustore 2004 is expected to be announced early next year.

By Brian Skelly