Redstone is Snapped up by daisy

Newly combined Daisy Group Plc is driving forward with consolidating the telecoms market after acquiring its third company in as many weeks.

The group provides business communications to the SME and mid-market sector, and the triple deal positions the company as one of the largest suppliers of communications to the UK SME and mid-market customer.

At the time of flotation Entrepreneur and CEO Matthew Riley announced the group would pursue a strategy to consolidate the fragmented reseller market through acquisitions. And the company took its first steps to endorsing this declaration, last week buying Eurotel Limited and AT Communications PLC (ATC), and last Friday completed the acquisition of Redstone Telecom, the telecommunications division of Redstone PLC.

Reuters has reported that daisy paid £17m for the business.

Matthew Riley said: “Daisy has always been a champion for the business customer and it is our intention to bring the latest developments in communications and technology and make them available to UK businesses.

“Traditionally this section of the market has been under-served by the larger suppliers and Daisy was founded on the promise to bring a business-quality service to even the smallest of enterprises.

“Last month’s flotation provided us with the capital to be fleet of foot and react to any deals that we felt fitted in with the future strategy of the business.

“Daisy remains committed to delivering an excellent service in all areas of communications, from product quality to customer service, further strengthening our converged product set and enhancing our offering to the UK business community. I’d like to thank the team for their efforts in the completion of all of the deals.”