Edinburgh-based Napiers the Herbalists has been bought by Samarkand Group plc, which describes itself as a “cross-border eCommerce company focused on connecting Western brands with China.”

Samarkand said the combined assets of Napiers generated £1 million of revenue in the year ended March 31, 2021, and an EBITDA of about £240,000 on an unaudited basis.

Samarkand said total consideration comprises an initial £1.7 million in cash, deferred consideration of £100,00 in cash payable between six and nine months after the completion date, and “contingent consideration of up to USD0.7k payable upon certain events occurring post acquisition which will be settled either in cash or the issuance of new ordinary shares, at the discretion of company.”

Samarkand said: “Founded in 1860, by the renowned herbalist Duncan Napier in Edinburgh, Napiers is an iconic Scottish brand which still operates from its original apothecary store in Bristo Place and its website Napiers.net.

“For more than 160 years Napiers has served the people of Edinburgh and beyond with its unique blend of herbal remedies, food supplements, skincare and wellness products.

“More recently the company has increased its appeal to consumers in Asian markets through its partnership with a large Korean skincare brand and its work with Samarkand as its distributor.

“Samarkand has had a commercial relationship with Napiers for more than 3 years.

“The group intends to expand Napiers products and services in its home market of the UK and internationally in China and beyond.

“The directors of Samarkand believe that Napiers is an attractive acquisition for the group and will make use of Samarkand’s technology, supply chains and benefit from synergies between the previous wellness acquisitions of Probio7, Zita West Products and Baba West.”

Samarkand Group CEO David Hampstead said: “We’ve worked with Napiers and their team for a number of years and have always been impressed by the consumer response to the company’s story and values.

“Napiers is a one of a kind truly authentic brand with significant potential.

“The acquisition signifies a clear execution of the group’s strategy laid out at the time of listing.

“As we take on the responsibility of looking after Napiers for the next 160 years we are looking forward to bringing it to many more consumers in the UK and internationally.”

Napiers MD Monica Wilde said: “I am delighted that Napiers has found a new home in a group which can see the considerable prospects of this special brand.

“We are looking forward to working with the Samarkand team on the next chapter in Napiers history.”