Home
Distressed Businesses
  • All Distressed Businessess
  • Administrations
  • Liquidations
  • Winding Up
  • Insolvency Advice  New
Buy a Business
  • All Businesses for Sale
  • Find a Business for Sale
  • Raising Business Finance
  • Buyer Acquisition Service   New
  • Escrow Service   New
Sell a Business
  • Sell Your Business
  • List your Business
  • Seller Accounts
  • Need Help Selling?
  • Help With Finance New
  • Corporate Services  New
  • Business Valuation
  • Business Wanted Adverts
Insights & News
  • View All News
  • View All Insights
  • Exclusive Insights New
  • Video Insights
Lens
  • Search all UK Companies  New
Log in
Join Now

Home / News / Adept4 IT service provider to acquire Leeds cloud technology firm

Adept4 IT service provider to acquire Leeds cloud technology firm

Tue, 27 Aug 2019 | BUSINESS SALE



Adept4, an AIM-listed IT services company based in the North West, has signed a deal to take over CloudCoCo – a cloud technology firm headquartered in Leeds.

The deal will allow Adept4 to acquire CloudCoCo’s share capital of roughly 218.2 million ordinary shares at one penny each through a non-binding heads of terms. This will represent 49 per cent of the enlarged issued share capital.

Founded in 2017, CloudCoCo offers a range of cloud-related technologies and services, and is known to have a profitable trading history and a strong future ahead.

Upon completion of the acquisition, a member of CloudCoCo’s management team will join Adept4’s board.

Adept4’s chairman, Simon Duckworth, said: “We are delighted to have agreed heads of terms to acquire CloudCoCo which has a proven salesforce with an enviable growth track record.

“Subject to completion of the proposed acquisition, we plan to drive growth from both Adept4’s existing customer base and CloudCoCo’s own customers and pipeline. Furthermore, the associated proposed reduction in the company’s debt would strengthen the group’s balance sheet and demonstrate the strong support of our largest shareholder. We see this as a very positive step to return value to shareholders.”

The acquisition is subject to shareholders approving the deal, and upon signing a share purchase agreement. The deal, however, would not constitute a reverse takeover.

At present, Adept4 holds £5 million of unsecured loan notes with BGF, which will be released to MXC Capital upon the completion of the sale for £3.5 million. MXC Capital holds 29.9 per cent of Adept4’s issued share capital.


Share this article



Latest Businesses for Sale

Software System Provider To Niche Financial Markets
UK Wide

Industry leading provider of bespoke software systems encompassing consultancy design and development implementation and ongoing support contracts. The company specialises in the creation and maintenance of tailored software for the financial service...

Asking Price: Offers Invited
Turnover: £2,697,000

Leading Internet Service Provider
Northern Ireland, UK

As a specialist internet service provider, the company has established a large private network, delivering some of the fastest fibre speed broadband services to clients across Northern Ireland.The network comprises 140 transmission sites, of which 21...

Asking Price: Offers Invited
Turnover: £1,100,000

LEASEHOLD


Specialist IT Company
UK Wide, London

Provides support and skills to SMEs in London. Offers both prepaid hours and monthly contracts; 64% of clients are currently on rolling monthly contracts accounting for 47% of the company’s income.

Asking Price: Offers Invited
Turnover: £680,187

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
22
 
Jan
 

630,000 UK businesses in “significant financial distress”, according to report | BUSINESS NEWS

According to the most recent Red Flag Alert research from Be...

 
21
 
Jan
 

ProCook considering sale as it undertakes strategic review | BUSINESS NEWS

Kitchenware retailer ProCook is to undertake a strategic rev...

 
20
 
Jan
 

Modulaire Group extends UK presence with Carter acquisition | BUSINESS SALE

Modular space leasing business Modulaire Group has announced...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
22
 
Oct
 

Adept4 acquires CloudCoCo, plans rebranding | BUSINESS SALE

Warrington-based IT services provider Adept4 has completed t...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources

Become a Member

News Categories

  • - Business Sale
  • - Division Sale
  • - Administration
  • - MBO/MBI
  • - Merger
  • - Commercial Property

View all news


About Us

Business Sale Report is the UK's leading independent business for sale & distressed business listing service. Established in 1995, the report offers an up-to-the-minute, comprehensive overview of businesses for sale, latest distressed business listings and daily acquisition news.

Our Services

Businesses for Sale
Distressed Companies
List a Business
Help with Finance
Buyer Acquisition Service
Daily Financial Alerts
Small Businesses for Sale

Company

About Us
Insights
News
FAQs
Reviews
Terms & Conditions
Privacy Policy

Get In Touch

020 8875 0200
[email protected]
167 Oakhill Road, London, SW15 2QW
Working hours: Mon-Fri, 9am - 5:30pm


Sign up to our free newsletter



© 1995-2021. Business Sale Report Ltd. All rights reserved. www.business-sale.com.