Electric Business

A brief summary of business news to keep you informed on company start-ups, corporate downsizing and mergers and acquisitions.

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The Hut Group continues beauty brand acquisitions spree

The Hut Group’s acquisitions spree has continued with cosmetics brand Illamasqua. Illamasqua has branded stores located in Leeds, Liverpool and London and its products are stocked in Selfridges and Debenhams in 15 locations across the UK, as well as online. Illamasqua will join THG’s growing beauty category alongside other recent acquisitions ESPA and Glossybox.

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Co-op on the brink of £137.5m Nisa takeover

The board of Nisa Retail has recommended Co-op Group’s £137.5m takeover offer to its members. If successful, the Co-op would add a 3,200 stores to its portfolio and take on Nisa’s £105m of debt. Nisa would remain a standalone business and brand, but its 1,190 members would be able to benefit from Co-op’s own brand range, as well as have the opportunity to be a part of senior management engagement meetings and apply to become a Co-op franchise. Owned by over 4.5 million members, the Co-op employs 69,000 people, has a turnover of £9.5bn and owns 3,800 outlets across the UK.

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Stallergenes Greer acquires Canada’s Medic Savoure

Stallergenes Greer has strengthened its presence in North America with the acquisition of Medic Savoure, a specialist in the Canadian allergy immunotherapy (AIT) market. Headquartered in London, Stallergenes Greer is a biopharmaceutical company specialising in treatment for respiratory allergies. Medic Savoure commercialises a full range of AIT products, including Stallergenes’ own since the 1970s, and is licensed to produce individual and customised patient treatments.

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Glamour magazine to go ‘digital-first’

Condé Nast has announced that Glamour Magazine is to go ‘digital-first’ from January 2018, cutting the release of its print publication down from a monthly to a biannual event. Glamour is one of the top ten best-selling magazines in the UK, making this news a bellwether for the future of the industry. The move will mean redundancies in commercial and editorial as the team restructures.

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Baldwins expands into Scotland with double acquisition

Baldwins, a market leading accounting, tax and advisory firm, has expanded into Scotland with the takeover of Campbell Dallas. The move is Baldwins’ largest acquisition to date, adding some 260 staff and annual revenue of £16.5m onto its books. Baldwins has also announced the purchase of fellow Scottish firm Springfords, which has three offices and employs 40 staff. Baldwins joined CogitalGroup last year, and will reach a turnover of £89m with these acquisitions.

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Chase de Vere buys Medical Money Management

National independent financial advisers firm Chase de Vere has bought the financial planning business Medical Money Management. The acquisition will see 16 partners and 64 employees join Chase de Vere, adding 30 IFAs to its existing team. Medical Money Management specialises in advising medical, dental and other professionals and has around £1.1bn of assets under management. It has offices in Altrincham, Exeter, Glasgow, Leeds, Liverpool, Portishead, Sheffield and Solihull.

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Chenery Maher merges with Harrison Drury

Cumbria and Lancashire-based law firm Harrison Drury has merged with Ribble Valley practice Chenery Maher. The deal will bring the number of staff at Harrison Drury’s Clitheroe office up to 19 and enhance its Home and Family Service in particular. Chenery Maher partners Irene Chenery and Carol Maher will continue to work as consultants for the firm.

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Safeskys lands deal with Air Partner

SafeSkys, a provider of air traffic control services to airports, has been bought by Air Partner. SafeSkys will be integrated into Air Partner’s consulting and training division.

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Kingfisher Lighting consolidates with Luceco

Luceco has bought Kingfisher Lighting, a Telford firm with a turnover of £12m. The deal insures Kingfisher from an industry that is increasingly being disrupted by new technologies, particularly LED and IoT. Its consolidation with Luceco’s growing group will allow Kingfisher to continue to invest in exterior lighting, complementing Luceco’s expertise in LED products. Kingfisher will retain its Nottinghamshire head office and management team as it works on integrating the business.

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Zoopla takes over Money.co.uk

The financial services comparison website Money.co.uk has been taken over by Zoopla. The £80m deal is part of Zoopla’s aim to offer a full range of services across its platforms, and includes an additional performance-based pay-out of up to £60m.

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