StockMarketWire.com - Marchpole Holdings, the fashion brand management group, said it has agreed to buy Greenmark Ltd, the importer and wholesaler of ladies footwear, for £3m.

The acquisition, which requires shareholder approval, will be financed through the group's existing cash resources and the issue of loan notes to the vendor.

The amount payable will be adjusted, in cash, to reflect additional payments from, or to, Marchpole in relation to a profit-based target and a net current asset based target.

Marchpole said Greenmark's customers include UK retailers with multiple outlets.

'The board believes that the acquisition will further the profit and growth potential of Marchpole,' it said.

'The acquisition will broaden the group's customer base and will enable Marchpole to sell a wider range of footwear to its existing customer base.'