02 May 2000

Bolton-based Dabs Direct, an internet and mail order vendor of computer hardware and software, plans a £20 million IPO via the London Stock Exchange in the late summer. This will equate to a 20% stake in the company and the funds raised will be used to extend its brand range to other consumer and office electronic products.

The company, which claims 10% of the UK market for computer products sold via the internet and mail order, will also change its name to Dabs.com to better reflect its growing internet business – as well as cash-in on investors’ current love affair with dotcom companies [although it is a moot point whether the amour will last until late summer – viz the recent pronouncement of Warren Buffet, the revered Sage of Omahah and America’s richest investor, who likened dotcom mania to a chain letter, adding: “For society, the internet’s a wonderful thing – but for capitalists it’s probably a net negative.”]

Financial Times