Growth planned for Fuse 8 after £5m AIM deal
YORKSHIRE digital marketing specialist Fuse 8 is to be bought by investment vehicle Award International Holdings for £5m in a reverse takeover.
The takeover will see Fuse 8’s shareholders hold around 90% of the enlarged issued share capital of the company.
The enlarged business is to seek entry on the Alternative Investment Market if the takeover if approved.
Fuse 8 reported turnover of £2m for the six months to September 30, 2009 and has seen its performance boosted from its focus on internet advertising since the economic downturn.
Leeds-based Fuse 8, which also has an office in Russia, offers services ranging from online marketing to Search Engine Optimisation (SEO) and press and public relations.
The business, which has more than 100 clients including Persimmon Homes, British Airways and Arla Foods, had pre-tax profits of £109,000 on turnover of £3.1m for the year ended March 31 2009. It posted pre-tax profits of £378,000 for the six months to September 30 last year.
The Fuse 8 business was founded in 2000 by Mark Walton and Robert Andrew Hutchinson, who, together own approximately 73% of the share capital.
Award, which is currently an investment company traded on PLUS Markets, believes the reverse takeover will allow Fuse 8 to increase its market presence and grow further, especially as a specialist online marketing business.
