Private equity ‘pays £100m for Unicom’

MANCHESTER telecom specialist Unicom is understood to have been sold for more than £100m in a private equity-backed deal.

The Northenden-based firm, which sells telecom services to small and medium-sized businesses, has refused to comment on the deal but industry insiders have told TheBusinessDesk.com that it was completed several weeks ago.

It is understood that the firm, which employs 450 staff, has been bought by a management team backed by the London-based private equity firm Vitruvian Partners.

The deal will provide a significant windfall for Macclesfield-based Simon Clarke who set up the business in 1998 and holds 67% of the shares. His partner, Stephen Palmer of Alderley Edge, owns the remaining 33%.

The directors of the business are Mr Palmer, operations director Chris Earle and Janette Palmer.

The most recent filed accounts for the year to April 30 2010 show Unicom, a trading name of Universal Utilities Plc, increased pre-tax profits by 14% to £12.8m on sales of £50.5m, up 13.5%. The group has no debt.