Chiks supports telecoms acquisition deal
– an independent franchise of Telefonica UK – has purchased six additional retail units making it one of the largest independent O2 franchises in the North West.
The additional stores, purchased from Formby Connections Ltd and Levine Retail Ltd for an undisclosed sum, are located in Maghull, Preston, Kirkby, Rochdale, Ashton-under-Lyne and the Fort Manchester retail park.
Chiks’s corporate finance team advised Mid Communications on the deal.
MID Communications employs over 170 people and was established in 2006 by directors, brothers Andrew and Ian Murray, and Danny Simpson. It has a current turnover of £11 million which is predicted to rise in the next financial year to more than £20 million.
The company, which recently doubled the size of its Oldham head office to 6,000 sq ft, now operates from 16 locations across Greater Manchester, Cheshire, Lancashire, Merseyside and the Fylde coast.
MID Communications’ sales director, Danny Simpson, commented on the company’s expansion. He said: “We are a passionate team with a desire to succeed and drive the O2 brand products and services to be the best O2 franchise in the UK. These acquisitions will benefit our employees, the business and our customers.
“It also enables our business to invest money in developing our working practices and creating a fantastic service offering. We’re also able to invest more money into our people as one of our objectives is to become an employer of choice.
“We’re a multi-award winning business but we always want to strive for perfection.”
MID Communications was advised on the acquisitions by the corporate finance team at regional accountancy firm Chiks, led by corporate finance senior manager Paul Bennett.
He said: “MID Communications has been successful because it has a very clear and well though-out growth strategy. These acquisitions mark the latest stage of that plan and give the business excellent financial growth potential.”
Formby Connections Ltd and Levine Retail Ltd were advised by Keith Melling, partner and head of the Commercial division at Napthens solicitors.
Keith added: “Our clients’ businesses are a perfect strategic fit for MID Communications and add to its overall offering.
“The owners are proud to see the business they have created fit into an expanding and well respected company that provides an excellent service to business and consumer customers.”
Keith led the Napthens team which included Gareth McIntegart and David Carr from the Corporate team and Paul Hardy from the Commercial Property department.