Distributor buys stake

THE owners of a South Yorkshire careers advice business have sold a 15% stake for £2m.

AIM-listed CD, DVD and computer game distributor MBL Group said the investment in Rotherham-based U-Explore would provide it with cross-selling opportunities.

MBL’s chief executive Trevor Allan will join U-Explore’s board and MBL will receive fees for management services worth £100,000 in the first year.

U-Explore’s chief executive Andy Pickles said: “This partnership with MBL comes at a critical time for U-Explore as we move into a significant period of projected growth which will require the business to gear up to maximise on the wealth of opportunities available to us.

“MBL brings an added level of expertise to our board, access to resources to drive the business into new markets, and the ability for both businesses to leverage their content and technology assets to further exploit new and existing markets.”

Mr Allan said: “Our partnership with U-Explore offers huge opportunities and synergies for both parties. We are leading the way in delivering content across multiple channels, and U-Explore is keen to develop its footprint to reach its consumers in the UK and internationally.

“We believe that the combination of skills and the cross-selling opportunities across our respective contact bases present a great opportunity for both MBL and U-Explore.”

MBL employs 320 people at its sites in Lancashire and Kent.