STYROLL Ltd, the York-based firm which trades as Athena, the poster, print and gift retailer, has bought the entire share capital of London's Phoenix Galleries Ltd.

The firm, which has its administrative base in Feasegate, secured a flexible finance package from NatWest, part of the Royal Bank of Scotland Group, to accomplish the deal, the value of which is hidden in a confidentiality clause but which is said to be a "high six figure sum".

It means that Styroll adds four new outlets to its portfolio - in Kingston-upon-Thames, Woking, Staines and Bristol, adding to its existing shops in Chester, Darlington and Trafford Park and bringing the total to seven.

The shareholders of Styroll, Simon Coates and Simon Kibblewhite, also operate a further 14 Athena stores across the country through different trading vehicles.

Mr Coates was part of a group which bought the Athena name six years ago when former owners Pentos went into receivership.

NatWest has provided all senior debt and working capital facilities. The repayment structure of the senior debt loan has been engineered to match the seasonal nature of the business cashflows, combined with a strategic capital repayment moratorium to enable a lump sum junior debt repayment.

Mr Coates said "The purchase has enabled the company to spread its profile geographically away from a Northern bias, as well as offering greater profit potential - specifically through adopting lower property cost obligations in the target stores."

Updated: 12:53 Tuesday, January 22, 2002