The company behind Compu B has snapped up fellow tech retailer Stormfront, which has 23 stores across the UK.
The parent company of Ireland’s biggest retailer of Apple products, Compu B, has snapped up its UK counterpart, Stormfront. As part of the deal, the Irish-owned B.Iconic Group is acquiring the Professional Reseller Group, which includes Stormfront Retail and Stormfront Technology.
Stormfront’s 23 stores in the UK – which employ more than 300 people – will now join the B.Iconic group to create the largest Apple reseller in the UK and Ireland.
The deal is expected to add an additional €60m in annual revenue to the group. B.Iconic already operates 20 retail locations across the UK and Ireland, and its annual turnover for 2018 was €150m.
“This is a landmark acquisition for the B.Iconic group,” said its CEO Ciaran McCormack.
“The UK is an important market for our business, and this deal allows us to grow our presence significantly in this market. Stormfront complements our existing APR, business-to-business and education technology offering in the UK and Ireland, expanding our opportunities and supporting the delivery of our strategic growth plan for our business.”
Stormfront’s CEO, Mike Fleming, added: “I’m proud of the company we have created, including accolades such as twice being recognised in the top ten fastest growing UK companies in the Sunday Times Fast Track 100.
“I’m therefore excited for this next new chapter for Stormfront and the possibilities it presents as we join forces with Compu B.”
According to the Irish Times, finances at Stormfront have been far from ideal, with it making a pre-tax loss of £475,000 in the year to September 2017. Meanwhile, Compu B – founded in 1992 – reported a €1.1m pre-tax profit last year, with revenues dropping to €139.6m from €157.4m.
In addition to Apple products, Compu B is a Bang & Olufsen retail and B2B partner in the UK and Ireland, and is an official distributor of the adventure camera brand, GoPro.