The courier and parcel delivery firm City Link has gone into administration. The company employs 2,727 people around the UK including 400 at its head office and transport hub in Coventry. It is expected that there will be a large number of redundancies at the company in the coming days. City Link’s customers include retailers such as John Lewis as well as thousands of small businesses. It has annual revenues of around £300m. In 2013, following several loss-making years, City Link was bought from Rentokil for a symbolic £1 by the private equity firm Better Capital, which said it would invest £40m in the business. A subsidiary company City Link (Properties) No. 1 Ltd, which manages and coordinates payments on property leases on behalf of City Link Ltd, has also been placed into administration. According to its latest set of accounts the property company had assets of £7.3m.
Medical Imaging, a provider of diabetic eye screening services to the NHS, has been taken over by EMIS Group in a deal worth up to £9.5m.
Phoenix Equity Partners has invested in Riviera Travel. Established in 1984, Riviera specialises in overseas escorted tour holidays and river cruises.
A secondary buyout has been completed at the contract caterer Waterfall. The £20m deal, backed by the private equity firm LDC, will see the existing management team continue to lead the company.
International Personal Finance (IPF) has agreed to buy MCB Finance Group for £23.8m. IPF is a home credit business which operates in Poland, the Czech Republic, Slovakia, Hungary, Mexico, Romania, Lithuania and Bulgaria. MCB is a consumer finance company which trades in Finland, Estonia, Latvia, Lithuania and Australia.
Onyx Group, the IT support and services business which is aiming to reach a turnover of £100m within the next five years, has acquired Knowledge IT for £10m.
The insurance provider Jelf Group has strengthened its position in Northern England with the purchase of Beaumonts Insurance Group. Beaumonts has offices in Leeds, Bradford, Shrewsbury and Doncaster and will be responsible for nearly 45% of Jelf Group’s insurance business.
Ideagen, a supplier of information management software, has acquired Gael. Established in 1992, Gael develops compliance, safety, risk and performance management software to clients such as Emirates, Virgin Rail, UK NHS, G4S, Terex, Dairy Crest, Fresenius Kabi and Obeikan.
The private equity firm LDC has agreed to sell its stake in Ocean Outdoor to Searchlight Capital Partners. Ocean Outdoor is one of the UK’s leading specialist out-of-home advertising companies.
The data storage specialist Solid State Solutions (S3) has been acquired by Capita IT Enterprise Services.