Ultimate snaps up Intempo

AMBITIOUS Ultimate Products today plugged into the lucrative iPod market and took another step towards its £100m-turnover goal with the acquisition of Manchester-based Intempo.

And the Oldham based supplier of homewares and electrical goods revealed that it is already in discussion about buying two more UK-based firms, as it chases its £100m revenues target.

Chief financial officer Andrew Gossage, said: "We don't exactly have a war chest but we do have financial backing available should the right opportunity present itself.

"Acquisition is a key part of our plan and I do believe we can do another two in this calendar year. It is not a bad time to be looking at opportunities and we are being shown a number of things at the moment."

Intempo was founded six years ago by Bernadette Spofforth, who developed the brand, and the company now supplies many major high street and online retailers such as John Lewis, Argos and Play.com with MP3 speakers, docking stations, DAB radios and accessories. It has turnover of £6.5m.

It is understood Intempo approached Ultimate about a buyout late last year. The figure for the deal, financed by Lloyds Development Capital and Barclays Bank, is not being revealed.

Mr Gossage said: "Its products are edgy and stylish yet still affordable but our view is that it is an underexploited brand.

"We hope to take Intempo's turnover to £10m in the first 18 months and after that the sky's the limit." Intempo staff have moved to Ultimate's Oldham base and the company's management team will remain in place, with Bernadette taking control of all the in-house brands.

Ultimate founder and chief executive Simon Showman said: "Intempo is an extremely strong strategic fit with our business. We already have a highly successful consumer electronics division largely selling under our own Prolectrix and OEM brands. This acquisition enables us to offer an aspirational audio brand to our customers around the world."

Bernadette said: "It has always been our intention to develop the business into a truly international concern. Now by working with Ultimate this will happen extremely quickly."

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