Mobile Fun brings in outside expertise as its seeks a buyer
MOBILE Fun, the Birmingham-based online mobile phone accessories retailer, has appointed corporate finance firm Altium Capital to advise on a possible sale.
Managing director Mohammed Hussain’s stated aim is to to build the business to achieve £25m annual retail sales by 2017, with accelerated international expansion a central part of his strategy.
But it seems that he now thinks it will be easier to expand with the aid of external investment.
He said: “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 3.1m 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.”
In the financial year ending 31st March 2012, Mobile Fun’s total revenue exceeded £10m. For year ending 31st March 2013, the company says it is on course to launch in 20 new countries and hit sales of £12m+ with a predicted EBITDA of £1.2m.
Hussain continued: “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, said: “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.”
