11/19/2012 9:52:25 AM
Mobile Fun puts itself up for sale
Mobile accessories retailer Mobile Fun is exploring a possible sale, as looks to further build on its international sales.
The company has appointed corporate finance firm Altium Capital to advise on the process. Managing director Mohammed Hussain said the business will continue to trade as normal as it seeks a new owner. In its latest financial year, the retailer had sales of more than £10m and is targeting sales of £25m by 2017. Mobile Fun trades in 13 countries and plans to launch in another 20 regions by the end of March 2013.
Hussain said: 'We typically receive several approaches a year from both private equity and trade buyers in the UK and from overseas. We feel that the timing is now right to find new shareholders for our growing and profitable online business. Our sophisticated online retail platform, combined with expertise in international e-commerce and mobile device accessories is unrivalled. Our website traffic is a testament to our success - with a record 3.1 million visits in September 2012. With the right investment, we will further strengthen our market position and be ready to grow exponentially in the expanding smart devices market.'
Altium Capital's Andy Clarke said: 'Mobile Fun is a high growth potential company operating in a very attractive market which has proved remarkably resilient to the current economic conditions. As Mobile Fun presents a unique opportunity, we anticipate initial discussions with potential new shareholders taking place before Christmas. If a suitable party emerges, an agreement could be in place by early 2013.'
Editor: Graeme Neill