Daisy Group acquires Fone Logistics
11.06.2010
Lancashire based Daisy Group has acquired Newcastle upon Tyne based Fone Logistics for £3.6 million, continuing its rapid growth.
The takeover is in line with Daisy’s strategy to consolidate the fragmented communications market.
The group has now spent more than £250 million on acquisitions in the past year, including Eurotel and Redstone Telecom.
The addition of Fone to the group will enhance Daisy’s product offering to UK SMEs, giving it access to 600 mobile phone dealers who supply this market.
In the six months to April, Fone reported revenues of £19.6m and underlying pre-tax profits of £500,000.
Daisy recently announced that it plans to double the size of its Manchester operations with a £2m investment.
It currently employs 40 people in Manchester and more than 1,000 nationwide.
