EcoRenew snaps up Mazuma in multi-million deal and sets £46.5m target

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UK launch will be followed by push into Japan, US and Middle East 

EcoRenew is increasing the revenue ambitions for its UK business this year to more than $60 million (£46.5m) following a “multi-million pound” investment into Mazuma Mobile.

The mobile recycler was bought two days before Christmas last year and joined the acquisitions of iMend and ICT Reverse either side of the festive season. Mazuma will now be operating a call out repair service via iMend and will also be selling and financing new, used and refurbished phones to consumers.

MARKETING

Speaking to Mobile News EcoRenew CEO Mark Chambers said that he expects the recycler to manage more than 50,000 device throughout September when the service launches, and is aiming to double that number by the end of the year following a big marketing campaign across prime time TV and social media.

EcoRenew UK managing director Craig Smith said: “The team has been working hard to ensure we deliver something truly sensational, and I’m proud the UK will be the first market we launch in before seeing this well- regarded and award-winning brand launch across our global footprint.

“I’m excited about bringing our new range of services to consumers and taking the first-class experience the Mazuma team has developed over the last 11 years into the modern age.”

EcoRenew is planning to make a push into the Japanese market in the next year as well as expanding into the US and Middle East.

Overall, Chambers is targeting a half a billion total revenue figure for 2019 and it is on track to hit more than $250 million (£194m) this year.

Chambers said: “With the global e-commerce market set to be worth more than $3 trillion dollars in the coming years and as we witness significant growth in all the major global markets online, EcoRenew is positioning its Mazuma brand to target this growth and demonstrate the group’s range of services to customers all over the world.

“Significant investment has been made into the research and analysis of how we re-invent this iconic British brand. It is a very exciting period in our history as we continue to expand rapidly, utilise the full range of technology, services and the talented and innovative people we have at our disposal across the globe.”

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