Sweet Symphony for Redstone following acquisition
Cambridge based Redstone plc, the IT and telecoms provider, is to acquire Hertfordshire rival Symphony Telecom Holdings for £17.3m cash.Cambridge based Redstone plc, the IT and telecoms provider, is to acquire Hertfordshire rival Symphony Telecom Holdings for £17.3m cash.
Symphony is a leading UK distributor of mobile and fixed line telecoms products and services to SMEs.
Redstone says the takeover will provide the group with a mobile telecoms offering and the addition of 8,000 or so corporate and SME customers.
Redstone is funding the deal through a £20m share placing.
Chief executive Martin Balaam said: "The offer for Symphony represents a key step in our strategy to broaden our product offering and take advantage of consolidation in this industry."
Redstone hoisted revenues 46.2 per cent to £72.5m for the year ended March 31 and cut its operating loss by 39.3 per cent to £1.7m.
The company reported positive cash flow in the fourth quarter and has agreed a £16.5m revolving facility with its bank.
Balaam said: "This has been an excellent year for the Redstone Group that has included some very significant achievements.
"The business has been transformed, both culturally and organisationally, and is now well positioned to become a leader in the IT and communications solutions market place.
"It is almost exactly a year since I was appointed as CEO and the single most fundamental principle that I have firmly stamped onto the Redstone Group has been to focus on profit."