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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Bon Bon’s strikes sweet deal for hf Chocolates

Bon Bon’s (Wholesale) has acquired hf Chocolates, a leading importer, distributor and wholesaler of fine chocolates and novelties. The companies specialise in supplying luxury confectionery to department stores, retailers and visitor attractions. Bon Bon’s hopes to create around 10 jobs through the acquisition.

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Brennan Industries buys Miric Engineering

Brennan Industries has acquired Miric Engineering, a manufacturer of standard and special fittings and adaptors based in Hucknall near Nottingham. The deal expands Brennan’s global manufacturing footprint to five centres, improving its offering to customers in the UK and rest of Europe.

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SSB Group acquires Legacy Protection

Legal and financial services specialist SSB Group has made its first acquisition, of Bedfordshire-based firm Legacy Protection. The deal sees Legacy Protection’s founder Paul Crowther take on the role of managing director of SSB Compliance.

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Nationwide Stainless bought in MBO

Nationwide Stainless, a stockist and supplier of stainless steel based in Sheffield, has changed hands in a £4m MBO. Managing director Steve Laybourn has bought the firm, with funding from Lloyds Banking Group and alternative finance provider Caple.

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Sanderson Recruitment makes double acquisition

Sanderson Recruitment has acquired the UK recruitment division of digital transformation group Sopra Steria, boosting its revenue past £550m and headcount to more than 300. The UK recruitment sector grew by 11% to £35.7bn last year. Sanderson also recently secured a sizeable shareholding in international recruitment consultancy iKas Global, providing it a foothold in the APAC region.

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Orb bails Superdream out of administration

Edgbaston-based branding agency Orb has purchased Superdream from administration. The deal is backed by Elonex Group and sees Hannah Moreton and Aaron Jones take up positions in Orb’s management team as Head of Client Services and Head of Digital, respectively.

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EG Group adds another 600 stores to US network

Euro Garages owner EG Group has announced further expansion in the US with a deal for Cumberland Farms. Having had no US presence little over a year ago, this latest move will take EG Group’s US network to 1,700 stores. Cumberland Farms employs 9,000 people and operates 600 convenience retail stores and fuel stations. The announcement closely follows news of a deal for 54 Fastrac stores in May, building on nearly £2bn of US acquisitions in 2018.

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Prism Medical UK completes second acquisition of 2019

Prism Medical UK has sealed its second deal in as many months with Care-ability Healthcare, a manufacturer and supplier of sling products. The acquisition closely follows and complements Prism’s takeover of bathing and handling specialist Assured Healthcare in June.

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Founder completes buyout of Business Insight 3

Business Insight 3 has undergone a management buyout by founder and managing director Glen Higson. Bi3 is a specialist in security technology and retail intelligence.

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City Developments makes renewed bid for Millennium & Copthorne Hotels

Agapier Investments, a subsidiary of City Developments (CDL), has bid for the remaining shares in Millennium & Copthorne Hotels it doesn’t already own for £2.23bn. CDL already owns 64.2% of M&C and intends to privatise the company. The offer of 685p is an increase of 65p on CDL’s previous attempt in January 2018. Minority shareholders JNE Partners, MSD Capital, International Value Advisers, Classic Fund Management and BWM hold approximately 43.6% of M&C shares and are expected to recommend the offer to shareholders. M&C owns and manages more than 130 hotels across four brands, 20 of which are in the UK and include the Chelsea Harbour Hotels and the Bailey’s Hotel London.

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