Compustore 20-store franchising plan

IT manufacturing and distribution group, iQon, has acquired the brand, trademarks, e-business and franchise operations of Compustore Ltd.

Under the terms iQon have taken complete ownership of the Compustore brand and its registered trademarks.

Up to €2 million is being invested overall to develop the stores.

Four stores are still open in the regions but the four Dublin stores have been closed.

By the end of March, Dublin will have four new stores, bringing the total to eight.

And by November 2005 the aim is to have 20 stores operational by independent franchisees.

The move will see iQon invest over €2m in the development and marketing of a nationwide network of Compustore outlets, which will operate exclusively on a franchised basis.

The business will operate as a totally independent company, Compustore 2004 Ltd, and will provide customers with a broad range of both IT and consumer electronic products from a range of world leading suppliers.

Company director Ciaran O’Donoghue said, “For over 12 years, Compustore has been a leading Irish retailer of IT products and services.

“We are delighted to announce that an Irish company will be taking up the challenge of taking Compustore to the next level as the number one Irish retail chain.”

iQon has already begun negotiations with new franchisees and expects to have eight Compustores open and trading by the end of March 2005.

“Our objective is to have nationwide coverage with over 20 stores trading for the peak period in 2005. We are delighted with the initial responses we have received from both suppliers and potential franchisees,” said Mr O’Donoghue.

“The Compustore offering to customers is to be dramatically improved to reflect a unique combination of value, choice and exemplary customer service,” he said.

iQon expects to announce the management line up for Compustore 2004 Ltd in early 2005.