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Daisy snaps up Eurotel and assets of ATC

Paul Kunert
The highly acquisitive Daisy Group has moved to pick up the trading assets of AT Communications (ATC), which fell into administration yesterday, and Yorkshire-based comms and IT provider Eurotel.

Daisy has moved quickly to land ATC after the company revealed yesterday that efforts to salvage the business after the delay of a £6m contract and the impact of cost-cutting had failed and it had appointed Grant Thornton to handle the administration.

The trading assets of ATC were picked up for £7m, and Eurotel set Daisy back £13.5m. In its last set of results, Eurotel's unaudited revenue was £30.2m and EBITDA was £3.5m. ATC had revenue of £52.9m and EBITDA of £5.3m.

Over the past eight years, Daisy has acquired 24 businesses, and more than 30,000 customers use its fixed line, mobile and broadband services.

Matthew Riley, CEO of Daisy, said it had made the latest deals to carry on solidifying the market. "These transactions are the first steps for Daisy in executing its strategy to consolidate the fragmented reseller market and become a dominant force in the SME and mid-market arena."

Daisy Group was formed last month after Freedom4 acquired Daisy Communications and web hosting and services provider Vialtus and was tipped to acquire Eurotel as part of its ambition to build the business ahead of a proposed share placing on AIM to raise £83m.

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