The acquisition of a Solihull business has created the UK’s second largest independent mobile dealer.
PMGC Technology acquired Vodafone dealers Phonebox Communications, based in Hampton-In-Arden, and Premier Mobile, based in London, for an undisclosed sum.
PMGC Technology was formed by Premier Mobile managing director Jason Yeomans on March 2 through “internal funding” and he will retain his current position.
The acquisition of Phonebox was completed shortly after, with managing director Nigel Harrison exiting the industry after more than 18 years.
The new business inherits a customer base of more than 54,000 connections and combined annual revenues in excess of £10 million.
Mr Yeomans said: “Phonebox was a business we very rarely came across when we were out selling so we know they have different customers and a different market focus to what we had. Therefore it is a business that complements us greatly.
“Growing the business organically and moving us from a pure play mobile provider to a telecoms and IT fully managed service provider is now our sole focus.
“Further acquisitions are being considered, and we are in discussions with a number of strategic IT partners.
“The acquisition of Phonebox 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.”
Mr Yeomans, who holds a 30 per cent stake in Premier Mobile, acquired the remaining 70 per cent from director Alan O’Brien as part of a management buyout. Mr O’Brien now exits the industry.
Rival Vodafone platinum partner Premier Telecom is the biggest independent mobile dealer, with a customer base thought to exceed 90,000 connections.
Mr Harrison, who said his interest in the industry was “waning”, said he will invest the funds into his commercial and residential property business.
“I made it clear I wasn’t particularly interested in going ahead with the merger and was more interested in exiting the industry.
“I have been doing the same thing for a long time and a little bit of boredom had crept in.
“It was time for me to let go and give it to someone who could take the business from where it is today to where it could be in the future.”
Premier Mobile’s base was focused predominantly on the public and corporate sectors whereas Phonebox has more of a focus on the SME and small office/home office markets.
Premier’s Leamington Spa office was shut last week, with all four staff relocated to Phonebox’s office in Hampton.
All 61 staff – 35 from Premier and 26 from Phonebox – remain unaffected by the acquisition.
Shez Cheema has joined PMGC as finance director, having held the same position at Azzurri Communications between 2001 and 2009, where he was involved in the acquisition of 16 companies.