£20m merger creates UK’s third-largest mobile provider
The UK’s third largest independent provider of mobile services has been created by a £20m merger.
Pure Business Services, based in Northampton, has been sold to Solihull telecoms firm PMGC.
The new business will have more than 70,000 customers and annual revenues of around £20m.
Shez Cheema, chief executive of PMGC said: “Growing the business organically and moving us from a pure play fixed and mobile provider to a unified telecoms and IT fully managed service provider is now our sole focus.
“The acquisition of Pure provides us with the perfect launch pad, increased critical mass, capability and expertise, to enable some ambitious longer term strategic aims that include IP voice, IT hosting and Cloud computing.”
The combined business’ board will comprise Cheema and John Handley, chief investment officer of Finance Birmingham, who will become chairman.
Established in 2006 by Marcus Richardson and Gavin Tedstone, Pure has grown to be one of the largest IT and telecoms services companies in the UK, with an annual turnover in excess of £8m.
PMGC was formed in 2012 following the merger between Premier Mobile, Phonebox Communications, AMC, Veecom, RGT and Dane Europe. As well as its head office in Hampton-in-Arden, the company has offices in London, Bristol and Edinburgh.
Cooper Parry Corporate Finance completed the sale, and its team was led by Andy Parker and Sabial Hanif.
Hanif said: “This was a complex deal in a rapidly changing telecommunications market, which continues the trend of successful exits for entrepreneurs and private equity investors.”