6/13/2008 10:36:00 AM
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.