Marks Electrical Group, the Leicester-based online electrical retailer, has enjoyed a record year for revenue, with growth of 44% to £80.5m. Meanwhile, according to audited results for the year ended 31 March 2022, the firm posted an adjusted profit after tax in line with the prior year at £5.3m. The business noted that positive trading momentum has continued in the first months of FY23, with revenue growth exceeding 20% year on year. Mark Smithson, Chief Executive Officer, said: “We achieved record revenue in FY22, with growth of 44% against a strong comparative of 78% in the prior year. This is testament to the hard work and commitment of the entire team. I’m particularly proud to have achieved this while maintaining our disciplined focus on margin, capital allocation and cash generation. “While we are conscious of the challenges raised by the cost of living crisis in the UK and its impact on consumer confidence, our low-cost and execution-focused model leaves us well positioned to manage operationally, and with still only 1.6% market share of the £5.4bn UK MDA market, we see significant scope and opportunity for growth. “Recognising the current impact on the consumer and thanks to our strong brand partnerships, we have been able to expand our range of products, across price categories, as well as introducing new credit solutions and interest free options with our finance partners. We have continued to achieve market share gains and strong revenue momentum in the months since the financial year end, as our leading customer service and free next day delivery continues to provide a compelling and unique offering that sets us apart from the competition. “We remain well positioned moving forward to execute on our clear strategy of growing brand awareness, delivering exceptional customer service, and expanding our offering to new customers across the UK.”

The Wren Sterling Group (Wren Sterling), providers of specialist independent financial planning advice to private and corporate clients, has acquired Mutual Financial Management LLP, an IFA based in Wilmslow, Cheshire, and MDFM Ltd, a discretionary fund manager (together “Mutual”). The deal is subject to FCA approval. Mutual has around 1,100 clients, managing c.£675m on their behalf. The deal takes the total AuM acquired by Wren Sterling over the last 3 years over the £1bn mark and pushes its own total AuM to over £5.4bn. The transaction is Nottingham-based Wren Sterling’s first announced deal since its secondary management buyout by Lightyear Capital completed in late 2021, and its largest to date. It follows four acquisitions in 2021 and one each in 2019 and 2020 and marks a step change in the pace and ambition of Wren Sterling’s acquisition strategy. Mutual’s 29 employees and partners will all become part of the Wren Sterling Group.  Austin Hutchinson, Mutual’s managing partner, will continue to run the business and will join Wren Sterling’s Executive Committee. The business will be rebranded to Wren Sterling and will provide Wren Sterling with a new base in the North West to complement its seven existing locations around the UK. Once completed, Wren Sterling will comprise c. 240 staff and nearly 100 advisers. The acquisition is in line with Wren Sterling’s strategy of acquiring strong businesses in key strategic locations, as it looks to accelerate its growth through improving its brand and proposition, simplifying its business and investing in its people. The business has a particular focus on acquiring new hubs in the London, South West, Midlands and Edinburgh markets. Ian Darby, Wren Sterling’s executive chairman, said: “I’m delighted to welcome Austin, his fellow partners and all of Mutual’s staff to Wren Sterling. Acquiring a business of this calibre and scale is truly game-changing for us and shows the business’s renewed ambition following Lightyear’s investment. “What truly sets Mutual apart are its people, who are highly entrepreneurial and innovation-led and share our commitment to the very highest levels of client service.  Furthermore, the addition of a DFM capability gives us the option to enhance our offering for certain clients who might benefit from it, while remaining fiercely protective of our role as independent financial planners.” Austin Hutchinson, Mutual Financial Management’s managing partner, added: “We received a lot of interest in the business, but Wren Sterling was the only company who we felt comfortable entrusting our clients and our people to. We really like the Wren Sterling business, it’s people and its growth model. These were our key considerations when choosing our long-term partner. “Their scale, commitment to operational excellence and willingness to invest in technology and marketing, all supported by Lightyear, gave us confidence that they had both the means and the motivation to enhance our client offering and invest in our people. We’re all incredibly excited about taking the next step with our new colleagues and starting the next phase of our journey.” Stewart Cape of KPMG acted as financial advisor to the partners of Mutual, with Nicholas Fielden of Fielden Marshall Glover Strutt providing legal advice and Rob Wardle of Azets providing tax advice.

A Stamford entrepreneur who aims to disrupt the dry-cleaning industry by installing automated drop-off points in shopping centres and railway stations has raised £550,000. Vicky Whiter has secured investment from the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia and part of the Midlands Engine Investment Fund, as part of a syndicate which also included Seedrs, members of Lincolnshire Business Angels and other angels. Vicky developed the concept after buying Peters’ Cleaners, an established dry-cleaning business, and recognising the need to improve efficiency and provide out of hours services. Customers register online and the automated pods enable them to drop off and collect their dry cleaning at any time by simply scanning their membership card. The company’s first two pods – at Peterborough Station and a local shopping centre – have been popular with customers and the funding will enable the business to install more pods at two other high footfall locations in the area before rolling out the concept across the UK. As part of the deal, Stephen Harrison, who has previously worked in roles at PepsiCo, Asda and Dolland and Aitchison, has been appointed as chairman. He is also the former finance director of Sandpiper CI, which operates franchises in the Channel Islands including Morrisons, Marks and Spencer and Costa Coffee. Vicky, who held business development roles in Hong Kong, Singapore and London before buying Peters’ Cleaners in 2016, said: “I noticed I was unable to access dry cleaning facilities out of hours and saw a gap in the market. The pods are accessible 24/7, providing the perfect solution. They are a modern approach to a traditional service and are a great addition to our existing stores. “The dry-cleaning landscape has massively changed over the years, particularly during the pandemic when a lot of companies went out of business. It was time for the industry to introduce new ways to provide customers with cleaning services that fit around their lifestyle. We’re delighted to be the driving force behind this change.” Sandy Reid of Mercia added: “Dry cleaning is a sector where there has been little or no innovation in years, yet businesses have been struggling with margin erosion as costs have increased. Vicky is a driven and ambitious entrepreneur who we are pleased to back. The pods have been well received by customers and attracted interest from rail operators and shopping centres. The funding will enable her to franchise her model to expand it throughout the UK.” Pat Doody, chair of the Greater Lincolnshire Local Enterprise Partnership, said: “Vicky’s business idea is a great example of how new technology and automation can transform the way we live our lives. The pandemic forced many businesses to reassess how they operate, and we are still feeling the effects of COVID-19 rippling through the economy. “Entrepreneurs like Vicky are leading the way by using advanced technologies to disrupt their industry, and we’re pleased to see that she’s received significant financial support from the Midlands Engine Investment Fund. We wish her the best of luck in her new venture!” Russell Copley of Greenborough Management and Laura Mallaburn of Lincolnshire Business Angels provided fundraising advice to the company.

Birmingham-headquartered IT service provider Intercity has acquired Northampton-based telecommunications business Chandler Communications. The deal follows a successful period of organic growth for Intercity based on exceptional customer service across its Communications, Cloud & Security and Managed Services divisions. The purchase is part of the IT business’s strategy for supporting this organic growth with acquisitions. Established in 1986 by Perry and Jo Chandler, Chandler Communications is a well-respected family-run business with over 350 customers across the UK. The company shares a people-first approach to business with Intercity, which is also family-owned, making the two organisations an ideal fit. The deal sees Chandler Communications colleagues become part of Intercity with the business’s Northampton site also joining Intercity’s network of UK offices. Andrew Jackson, CEO of Intercity, said: “We’re delighted to welcome Chandler Communications to the Intercity Group. Having seen how this well-managed business has grown over the last 30 years, and the care the team put into building long-term partnerships with customers, we recognised the huge synergies between our two organisations. “We pride ourselves on our high levels of service and ensuring a positive customer experience within every aspect of the business, we measure this continually and will never rest in our pursuit of excellence and market leading customer satisfaction. Chandler is a great fit for Intercity and this deal is an important step in our long-term plan to grow through careful and considered acquisitions.” Perry Chandler, director and co-founder of Chandler Communications, added: “After thoroughly enjoying the past 36 years, and for very personal reasons, it’s time to hand over the reins. I’ve looked for a company who hold the same important values at their core as I do and have found this in abundance at Intercity. “It’s fantastic to see two family-owned Midlands businesses coming together but, more importantly, it’s also great news for our customers. They will continue to benefit from working with our experienced communications specialists alongside Intercity’s leading support team. In addition, and most significantly, they will also gain access to a full range of IT services and other products which Intercity offers within its portfolio.” Intercity has reported strong organic growth with a 108% year-on-year increase in new customers since 2020. Chandler concluded: “I would personally like to thank my team: James, Jo and Jo, and not forgetting Rachael. They are much valued, dedicated and loyal staff who have customer service at the forefront of their minds. Finally, thank you to my customers for their continued loyalty over the previous and future years.”