Fone Logistics closes on second acquisition

Fone Logistics closes on second acquisition

Fone Logistics is believed to be close to completing its second acquisition in one month.

The Cramlington-based distributor bought the airtime division of rivals Dextra last month, giving Fone Logistics around a 25% share of the marketplace.

Now Fone Logistics is close to a second major acquisition that will see the company gain a market share approaching the 50% mark.

Hugh Symons Communications or Redstone are understood to be the target that would help the distributor gain the extra market share.

Fone Logistics saw its turnover drop from £100m in 2006 to £79m last year after losing a major contract with Vodafone and selling 14 Activ Mobile shops in northern England.

However, bosses say they are now expecting revenues to jump back up by 20% to around the £100m mark, after the Dextra acquisition.

Fone Logistics boss Ian Gillespie says he wants to grow the 104-strong workforce to 125 within one year.

Written by Mobile Today
Mobile Today

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