Fuse8 founders buy business

DIGITAL agency Fuse8’s founders have bought the company following its delisting from the Alternative Investment Market.

Mark Walton and Andy Hutchinson have acquired operating company Fuse8 Group from its parent company, Fuse8 PLC.

The pair will hope the deal draws a line under the sand for what has been a difficult six months for the Leeds-based business.

Former chief executive Nigel Hunter left the business in October weeks after he was relieved of his duties.

Mr Hunter offered his resignation after he failed to provide the board with an update on the company’s performance and forecasts it had requested.

His resignation was rejected but he was relieved of his duties when an investigation suggested Fuse 8 had not met expectations for the first half of its current financial year.

The fall-out from the episode saw the business, which also has offices in London and Russia, leave the stock market.

Mr Hutchinson, who is a director at the business, said: “We are pleased to announce this purchase and believe it will, in the long term be great news for the staff and clients of the agency. Under our ownership we will be able to commit the investment required to develop the business into one of the leading UK digital agencies.

‘’As far as staff, clients, suppliers and partners are involved then nothing changes. They will see seamless continuation in all aspects of the business with only the ownership changing hands.”

Speaking to TheBusinessDesk.com, Mr Hutchinson added: “It has always been our primary objective to develop Fuse8 into one of the UK’s pre-eminent digital agencies and that is still the business’s focus.

“We know that to do this we must continue to deliver the highest quality digital services to existing clients whilst seeking out and winning new projects and clients.

“We are determined to succeed and are fortunate to have a great team of highly motivated people who are eager to help drive the business forward.”

Mr Hutchinson is a director at the company while Mr Walton has taken on the chief executive’s duties.

The pair originally founded Fuse8 Group in 2000 and it has grown to employ more than 80 staff.

According to Fuse8’s accounts for the year to March 31 2011, Mr Hutchinson and Mr Walton jointly held a 67% stake in the Fuse8 PLC. The business has annual turnover of £5m and headline operating profits of £684,000.

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