US handset distributor Brightpoint has completed the purchase of Hugh Symons Telecom for £294,000 upfront, ahead of a total UK re-branding and move to a new UK HQ.
Brightpoint confirmed its UK subsidiary Brightpoint Great Britain paid $586,000 (£294,000) for the assets and stock of south coast IT kit distributor Hugh Symons Telecom. Brightpoint also agreed performance–related payments on the first, second and third anniversary of the purchase, up to £3.6 million.
Brightpoint is expected to be awarded a UK Nokia distribution contract as part of Nokia’s full-scale review of distribution.
Hugh Symons Telecom managing director Hugh Roper joins Brightpoint Great Britain to manage the division. He is contracted to the business for three years.
The rebranding and relocation of the old Hugh Symons Telecom business, which split from Hugh Symons Communications when the latter was sold to Carphone Warehouse in 2005, will clear up ongoing identity issues between the two.
Brightpoint Europe president Steen F Pedersen said: “The acquisition will strengthen our position in Europe. We have been looking for an opportunity to enter the UK market and believe this is the right opportunity.
“Hugh Symons has been developing the UK smartphone market, which is an important element of our growth strategy. Also, we want Roper and his team to expand the business with other Brightpoint models, like customized logistic services.”