Digital agency Fuse 8 buys Delete
Leeds-based digital marketing agency Fuse 8 has bought London digital agency Delete Digital Marketing in an all-share deal, as part of its acquisition strategy and to provide the agency with a footprint in the capital.
Delete: acquired by Fuse 8
Delete was formed this year after a number of digital agency assets were brought together, and its clients include BaByliss, Decca Records and Red Bull.
When the Fuse 8 acquisition completes on 1 December Jeremy Middleton and Graeme Burns, who both own 50% of Delete, will each own 5% of the enlarged company, equal to 625,000 shares in Fuse 8.
Fuse 8 said Delete’s skills and clients would complement the existing Fuse 8 business and the acquisition would increase the company’s revenues and skill base and provide a London platform for the agency.
As Delete was formed this year, there are no turnover or profit figures, but in the quarter to 30 September, the agency achieved sales of £150,000 and profit before tax of approximately £30,000.
Nigel Hunter, chief executive of Fuse 8, said: "We are delighted that Delete is joining the Fuse 8 group. Delete is an impressive team with similar skills and mindset to that of Fuse 8. The board feels that by successfully integrating the business, the enlarged group will benefit from greater expertise and having a London operation."
Middleton and Burns are both already non-executive directors of Fuse 8. As the acquisition is of a non-cash asset from directors with a value of more than £5,000, it requires the approval of shareholders at a general meeting.
A general meeting will take place on 30 November. The three executive directors, who own 72% of the ordinary share capital, have already undertaken to vote in favour of the deal.
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