Electronics giant buys IOT
PRINTER and copiers supplier IOT has been sold to Japanese electronics giant Sharp for an undisclosed sum.
Wakefield-based IOT employs 173 people operating from seven offices across the UK and had a turnover of £18.5m for the year to September.
Paul Molyneux, Sharp UK’s managing director, said: “We are very pleased to announce the acquisition of IOT, which signals the beginning of a period of exciting growth for both businesses going forward.
“IOT’s position as a very stable, profit-focused business with a strong service-based culture is the result of an approach Sharp are keen to learn from and pursue aggressively.
“We bring the strength of a global brand and an ongoing commitment to product development that will deliver future market opportunities”.
IOT was previously known as the Eurocopy Group and has been operating for more than 40 years. The company will continue to trade under its current name and remain under the current management team.
Martin McCarney, IOT chief executive, said: “I am delighted that IOT will now be part of the internationally recognised and trusted Sharp brand.
“Clients will benefit from the best of both worlds; IOT’s outstanding service-led expertise supplemented with the resources and backing of a major global manufacturer.”
Law firm Pinsent Masons advised IOT Holdings shareholders on the deal.
Michael Walby, from Pinsent Masons, said: “Pinsent Masons is proud to have advised IOT for many years, most notably on the successful flotation of Eurocopy on the London Stock Exchange in 1988 and its subsequent de-listing from the Stock Exchange in 2004.
“We are delighted to have delivered a successful outcome for the shareholders on this transaction and wish IOT’s continuing management team every success in driving the business forward under new ownership.”
