Mobile Fun appoints Altium Capital to explore possible sale
Mobile Fun, an online retailer for mobile device accessories, has appointed corporate finance firm Altium Capital to advise on a possible trade sale.
Founded in 2000, the independently-owned online retailer is seeking a buyer to support the company in achieving its international expansion ambitions.
In the financial year ending 31 March 2012, Mobile Fun’s total revenue exceeded GBP10m. For year ending 31 March 2013, the company is on course to launch 20 new countries and hit sales of GBP12m with a predicted EBITDA of GBP1.2m.
Managing director Mohammed Hussain aims to build the business to achieve GBP25m annual retail sales by 2017, with accelerated international expansion a central part of his strategy.
Hussain says: “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.
“During this process, it’s business as usual at Mobile Fun as our team is working on a record Christmas quarter. We’re already experiencing increased sales, following the release of the iPhone 5 and iPad Mini, as well as a number of other hero tablets and smart phones.”
Andy Clarke, from Altium Capital in Manchester, says: “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.”
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