Acquisition sees more than 700 Elite connections move to One Connectivity
Derby dealer One Connectivity says it has beaten its turnover target of £2.4 million, hitting £4 million with profits of £240,000 in its 2018 financial year.
The company bought Midlands-based dealer Elite Telecom last month. However, its turnover figures were achieved organically, as the acquisition was its first buy in its five-year history.
As part of the acquisition, Elite Telecom owner Cheryl Roberts left the business and director Chris Cowling moved to One Connectivity. No redundancies were made as part of the buyout.
Over 700 Elite mobile connections were transferred to One Connectivity as part of the acquisition, taking the dealer’s total connections base to over 14,000.
Staff numbers now stand at 33, with four more positions in sales and account management to be filled as the firm looks for further growth this year.
One Connectivity moved to a larger 6,000 square foot headquarters in Castle Donington, Derbyshire, in January, which is three times larger than its previous HQ that was also in Derbyshire.
One Connectivity managing director Paul Stevenson said: “We’re delighted to have hit our turnover target and to welcome Chris. The acquisition was an obvious move for us to support our growth and it’s a bonus that it feels completely natural to work with Elite Telecom on this.”