Daisy buys £3.6m Fone Logistics

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Daisy Group has acquired the entire issued share capital of Northumberland-based distributor Fone Logistics for a cash consideration of £3.6 million.

Daisy said Fone Logistics will be managed by Anglia Telecom Centres going forward.

The unaudited management accounts of Fone Logistics for the six months ended April 30, 2010 show revenue, gross profit and EBITDA of £19.6 million, £2.1 million and £0.5 milion respectively.

Daisy said it has identified certain areas of the business which are to be discontinued or hived out at completion. Therefore, revenues and gross profits of the continuing business for the six months ended April 30, 2010 were £11.8 million and £1.4 million respectively with EBITDA being unaffected.

Consistent with the Daisy acquisition strategy, and as with previous transactions, Daisy said it expects to generate significant operating synergies through the transaction and believes the addition of 600 dealers through Fone Logistics will bring more business opportunities to the group.

Daisy chief Matthew Riley (pictured) said: “We are delighted to be able to announce this acquisition, which increases our competitive position in the mobile section of the unified communications market.

“This acquisition is also consistent with the group’s stated ambition to further consolidate the fragmented communications market and enhances our product offering to the UK SME market. We will be continuing to pursue this strategy.”

 

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