M&S announces new wave of store closures

Marks & Spencer has announced a new wave of store closures as it works to take a third of its sales online.  The company has confirmed that a further 14 stores have been proposed for closure and that only 25 Simply Food stores are to open this year, down from 40. M&S plans for over 100 stores to close by 2022, having already shut 21 so far.

Sony Corporation has signed a memorandum of understanding to acquire Mubadala Investment Company’s stake in EMI Music Publishing. The $2.3bn (£1.7bn) deal takes Sony’s stake from 30% to 90%, with Michael Jackson’s estate owning the remaining 10%. The acquisition forms part of Sony’s strategy to strengthen content IP; EMI controls over 2 million songs including releases by Alicia Keys, Calvin Harris, Drake, Kanye West, Pharrell Williams, P!nk and Sia. EMI generated revenue of $663m in the last financial year.

Barnsley-based payment systems firm Nationwide Retail Systems has been acquired by Civica UK, the business-critical software and digital solutions provider. NRS’s cashless catering and EPOS solutions expands Civica’s payment systems business, which is already used by 15 million citizens across the UK. NRS specialises in the education sector where it has over 2,000 installations with local authority, school and college customers, covering 1 million students. Civica employs 4,400 people and provides services to more than 3,000 major organisations across 10 countries.

Baywater Healthcare has completed the acquisition of online sleep disorder business Intus Healthcare. Baywater, which was bought by French business Bastide Group in January, provides private patients and NHS sleep clinics with equipment and therapies for obstructive sleep apnoea. The acquisition signals the company’s ambition to expand into online private healthcare and other sleep markets.

Remote meetings firm LoopUp has acquired conferencing services provider MeetingZone from GMT Communications. The £61.4m reverse takeover has been funded with a £50m share placement on top of a £17m loan. The acquisition allows LoopUp to migrate MeetingZone’s audio conferencing solutions to its own product platform.

Intersnack Group’s subsidiary KP Snacks is to buy Tyrrells for an undisclosed sum. The deal includes a head office and two manufacturing sites in the UK, along with US manufacturing capabilities and two sister crisps brands in Germany and Australia. Founded in 2002, Tyrrells has grown through international acquisitions and diversifying product lines into other snacks including popcorn, tortilla chips and vegetable crisps. The deal makes KP Snacks Tyrrells’ third owner in two years, having been acquired by Amplify Snack Brands for £300m in 2016, which was then itself bought by Hershey for £1.2bn the year after.

Energy services company Proserv has been acquired by its lenders in a debt-for-equity exchange. KKR and funds managed by Oaktree Capital Management have become its new owners. As part of the deal, $50m will be injected into Proserv and CEO David Lamont has stepped down. David Currie, previously CEO of JDR Cable Systems and UK President of Aker Solutions, replaces him.

Warrington-based cables company Volex has announced a proposed takeover of Silcotec Europe for £15.8m. Silcotec is a manufacturer and distributor of cable harnesses and electronic sub-assemblies for the medical, telecommunications and computer industries. The company employs 160 people at its plant in Slovakia and has customer service and finance personnel in Ireland. Volex will fund the deal with a share placement that will raise around £36m.

Ascential has announced that it has agreed to sell its Exhibitions business to ITE Group for £300m. The company hopes to streamline its businesses with a focus on services related to the digital economy. Ascential Exhibitions is comprised of Spring and Autumn Fair, Bett (including The Education Show), CWIEME, Pure, Glee and BVE).

Coversure Insurance Services Group has been acquired in a management buyout led by CEO Bob Darling with private equity backers Livingbridge. CISG will use the investment to improve its IT systems, people and franchise infrastructure. Xavier Woodward joins the company’s board from Livingbridge and Tim Wright joins from Willis Towers Watson as chairman.

M&S announces new wave of store closures

Marks & Spencer has announced a new wave of store closures as it works to take a third of its sales online.  The company has confirmed that a further 14 stores have been proposed for closure and that only 25 Simply Food stores are to open this year, down from 40. M&S plans for over 100 stores to close by 2022, having already shut 21 so far.

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Sony acquires controlling stake in EMI Music Publishing

Sony Corporation has signed a memorandum of understanding to acquire Mubadala Investment Company’s stake in EMI Music Publishing. The $2.3bn (£1.7bn) deal takes Sony’s stake from 30% to 90%, with Michael Jackson’s estate owning the remaining 10%. The acquisition forms part of Sony’s strategy to strengthen content IP; EMI controls over 2 million songs including releases by Alicia Keys, Calvin Harris, Drake, Kanye West, Pharrell Williams, P!nk and Sia. EMI generated revenue of $663m in the last financial year.

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Civica UK acquires Nationwide Retail Systems

Barnsley-based payment systems firm Nationwide Retail Systems has been acquired by Civica UK, the business-critical software and digital solutions provider. NRS’s cashless catering and EPOS solutions expands Civica’s payment systems business, which is already used by 15 million citizens across the UK. NRS specialises in the education sector where it has over 2,000 installations with local authority, school and college customers, covering 1 million students. Civica employs 4,400 people and provides services to more than 3,000 major organisations across 10 countries.

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Baywater Healthcare completes takeover of Surrey sleep business

Baywater Healthcare has completed the acquisition of online sleep disorder business Intus Healthcare. Baywater, which was bought by French business Bastide Group in January, provides private patients and NHS sleep clinics with equipment and therapies for obstructive sleep apnoea. The acquisition signals the company’s ambition to expand into online private healthcare and other sleep markets.

Leave a Reply

LoopUp acquires conferencing services business MeetingZone

Remote meetings firm LoopUp has acquired conferencing services provider MeetingZone from GMT Communications. The £61.4m reverse takeover has been funded with a £50m share placement on top of a £17m loan. The acquisition allows LoopUp to migrate MeetingZone’s audio conferencing solutions to its own product platform.

Leave a Reply

KP Snacks to buy Tyrrells from Hershey

Intersnack Group’s subsidiary KP Snacks is to buy Tyrrells for an undisclosed sum. The deal includes a head office and two manufacturing sites in the UK, along with US manufacturing capabilities and two sister crisps brands in Germany and Australia. Founded in 2002, Tyrrells has grown through international acquisitions and diversifying product lines into other snacks including popcorn, tortilla chips and vegetable crisps. The deal makes KP Snacks Tyrrells’ third owner in two years, having been acquired by Amplify Snack Brands for £300m in 2016, which was then itself bought by Hershey for £1.2bn the year after.

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Proserv completes restructuring deal

Energy services company Proserv has been acquired by its lenders in a debt-for-equity exchange. KKR and funds managed by Oaktree Capital Management have become its new owners. As part of the deal, $50m will be injected into Proserv and CEO David Lamont has stepped down. David Currie, previously CEO of JDR Cable Systems and UK President of Aker Solutions, replaces him.

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Volex to buy Silcotec Europe for £15.8m

Warrington-based cables company Volex has announced a proposed takeover of Silcotec Europe for £15.8m. Silcotec is a manufacturer and distributor of cable harnesses and electronic sub-assemblies for the medical, telecommunications and computer industries. The company employs 160 people at its plant in Slovakia and has customer service and finance personnel in Ireland. Volex will fund the deal with a share placement that will raise around £36m.

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Ascential sells exhibitions business for £300m

Ascential has announced that it has agreed to sell its Exhibitions business to ITE Group for £300m. The company hopes to streamline its businesses with a focus on services related to the digital economy. Ascential Exhibitions is comprised of Spring and Autumn Fair, Bett (including The Education Show), CWIEME, Pure, Glee and BVE).

Leave a Reply

Livingbridge backs Coversure MBO

Coversure Insurance Services Group has been acquired in a management buyout led by CEO Bob Darling with private equity backers Livingbridge. CISG will use the investment to improve its IT systems, people and franchise infrastructure. Xavier Woodward joins the company’s board from Livingbridge and Tim Wright joins from Willis Towers Watson as chairman.

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