Namaste Technologies reconsiders route to UK

Medical cannabis firm Namaste Technologies has scrapped plans to take over AF Trading for $5m and signed a new letter of intent to buy CannMart UK via Namaste Bahamas for $1.5m. CannMart UK is a subsidiary formed by the principal shareholders of Access Fulfilment, who will provide consulting services to AF for two years after the deal closes.

Hilton Foods agrees deal for sous vide manufacturer

Hilton Foods has agreed to acquire HFR Food Solutions, a sous vide products manufacturer based in Wednesbury. Sous vide is a cooking method in which food is cooked very slowly in a water bath, aiming to cook evenly and retain moisture. The deal allows Hilton to broaden its offering in a fast-growing segment. HFR turned over £24m in the year to 30 September 2018. Hilton reported sales of £1.4bn in 2017, and supplies to Tesco, Ahold, Coop Danmark, ICA and Sonae across Europe.

TriSpan buys sk:n clinics

Private equity firm TriSpan has acquired sk:n from Graphite Capital. The Edgbaston headquartered skincare specialist has 51 clinics across the UK offering non-surgical cosmetic and skin treatments. It reported £246,000 turnover with an operating loss of £2.9m in the year to August 2017.

Utilitywise in administration

The energy broker Utilitywise has gone into administration. The company’s Enterprise division has ceased trading with immediate effect but the administrators are seeking buyers for the group’s other subsidiary companies, which are continuing to trade as normal.

MBO completed at Atlas Leisure Homes

With backing from HSBC, Atlas Leisure Homes has been sold by its owners to a new management team consisting of Steven McGawn, Colin Jeffery and Philip Spark. Atlas Leisure Homes employs 250 people and has revenue of £34.6m. Co-founder and current managing director Andy Innes will remain with the firm in an advisory role for 12 months.

GBG acquires IDology

Global identity data intelligence firm GBG has acquired Atlanta-based identity verification and fraud detection specialist IDology for $300m (£233m). IDology has more than 500 customers and reported revenues of $38.2m and EBITDA of $16.3m in 2018.

Go Plant Fleet Services seals £13m deal for Gulliver’s

Go Plant Fleet Services has completed a £13m deal for business and assets of Gulliver’s Truck Hire. The acquisition includes 266 vehicles, consisting of truck-mount and compact sweepers, refuse trucks and gritters. It strengthens Go Plant’s contract hire and spot hire fleets and reinforces its status as a leader in specialist commercial vehicles, boosting turnover past £85m. Go Plant now employs 790 people at 44 depots and service centres across the UK.

Time Out Group sells £9.6m stake in Flyt to Just Eat

Time Out Group has sold its stake in Flyt to Just Eat, the online takeaway delivery marketplace, for £9.6m. The deal returns a £4.5m profit on Time Out’s acquisition in July 2015. Formerly known as Flypay, Flyt’s technology integrates restaurant bills, menus, ordering and payments with platforms including Uber Eats and Just Eat. Time Out will use proceeds from the sale to invest in Time Out Market.

The Wilkes Partnership and Coley & Tilley merge to create a £12m firm

Two Midlands law firms, The Wilkes Partnership and Coley & Tilley, have agreed to merge in a deal which creates a £12m firm employing 185 people. The merger, part of The Wilkes Partnership’s long term growth plans, will see the Coley & Tilley brand retained for the personal injury team.

Young’s buys Redcomb Pubs for £34m

Redcomb Pubs, owner and operator of 15 pubs in and around London, has been bought by Young’s for £34m. The deal means Young’s managed house estate increases by 7% from 185 to 200, the total Young’s pub estate will now cover 270 pubs.