British high street toy retailer The Entertainer has expanded its presence in Europe with the acquisition of Spain-based toy retailer Poly.
The transaction expands the international footprint of the UK retailer, which aims to regain 5% Spanish market share through Poly.
Poly currently operates 57 stores across shopping centres and high streets in Spain. It offers a range of toys and games.
The Spanish retailer was acquired through a competitive bid managed by an administrator. The deal helps the company to retain over 350 jobs.
According to The Entertainer founder and executive chairman Gary Grant, the focus immediately is on working with suppliers to ensure that all Poly stores are stocked in order to cater for the Festive trading period.
As part of this plan, a full range of products from sister company Addo will also be introduced to enable Spanish consumers to buy products at affordable prices.
The deal expands The Entertainer’s store network to more than 300 locations.
It has opened around 30 stores through its franchise programme in Europe, the Middle East, Africa and Asia over the last five years.
This is considered to be the UK retailer’s first full acquisition in Europe.
Last week, Press Association reported that the privately owned toy chain The Entertainer is among several parties interested in acquiring the 258-year-old chain Hamleys from Hong Kong-listed owner C.banner International.
The other group of suitors for Hamleys include Sports Direct, Irish toy chain Smyths.
Three years ago, C.banner acquired Hamleys for about £100m, and expects about £90m through the sale of the company, reported Sky News.