News

Redstone names M&A experts as non-exec directors

Microscope contributor

Redstone has welcomed on board merger and acquisitions specialists Ian Smith and Tony Weaver as non-executive directors.

In a statement to the London Stock Exchange this morning, London-based Redstone confirmed the appointments.

"We welcome Ian and Tony to our board, to which they will add considerable IT sector expertise. The board and I look forward to working with them," said Stephen Yapp, executive chairman at Redstone.

The reseller-come-integrator has endured a difficult couple of years, notwithstanding the recession, notching up lossessplitting with chief executive Martin Balaam and offloading its telecoms business to Daisy Group last year.

The operation is currently made up of server and storage reseller Redstone Technology, an IP comms provider, Converged Solutions and a Managed Solutions unit that sells IT security and Internet services.

The recent hammer blow to the Building Schools for the Future scheme will also hit Redstone hard, as it was the third largest IT supplier to the programme and as a result could miss out on up to £109m in lost business.

Redstone has been the subject of acquisition talks but managed to secure additional funding to help it trade through the difficult times and at the start of this year, Yapp reckoned it had the potential to return to profitability.

Smith and Weaver - who have acquired 26 firms in a career spanning a combined 40 years - recently extricated themselves from Avisen to concentrate on building a managed security services specialist.

This is a similar strategy to one they employed in the storage space where they acquired numerous services based businesses including Anix and Posetiv, which was then sold to ACS to more than £30m.

The duo will clearly take a closer look at Redstone, and if they like what they see may use it to spearhead a roll up in the security channel.


Join the conversation Comment

Share
Comments

    Results

    Contribute to the conversation

    All fields are required. Comments will appear at the bottom of the article.