Fri, 15 Jun 2012 | BUSINESS SALE
Former Genesis front man Peter Gabriel has sold We7, the free-to-listen internet radio service in which he holds a majority stake, to Tesco.
Tesco has purchased a 91 per cent stake in We7 for £10.7 million, as part of its strategy to develop its strength in the online entertainment arena. The deal follows on from Tesco’s purchase of the online movies provider Blinkbox in 2011.
The supermarket giant aims to bag the remaining nine per cent of the business within a matter of weeks.
Mr Gabriel was one of the founders of We7, which was established in 2007 to take advantage of consumers’ increasing demand for access to legal digital music in the last decade. Gabriel is to pocket a £2 million windfall from the sale.
Co-founder, serial entrepreneur and software expert Steve Purdham was a key figure behind the firm’s development. He is to remain the chief executive of We7.
He commented on the deal: “We believe Tesco is the perfect partner to bring We7’s music services to a wider audience.”
Accessible on iPad, iPhone, Android apps and on the internet, We7 has 11 million music tracks in its catalogue. It is yet to make a profit, but is, Purdham has said, close to achieving profits.
In a prime location, this freehold business opportunity includes a detached, well-equipped bakery factory along with a retail outlet and cafe, all part of a family business with a century of trading history.
Established in key industries like power generation and rail, this company offers specialised electrical and engineering services across the UK and Ireland, boasting strong relationships with blue-chip clients and a reliable income stream.
This well-established company has a decade-long track record in a growing market and is fully relocatable or can be operated remotely, providing flexibility for the new owner.
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