As you will hopefully by now have read, M&A marvel Daisy Group has bought acquisitive Mitel partner SpiriTel for £27.3m.
I love a good M&A story as much as the next journalist; it's this sort of thing that keeps us in notepads, but in Daisy's case I have to say I wonder whether or not this can go on much longer?
In its last set of published results Daisy made a post-tax loss of £14m on sales of £134m.
I have also heard unsubstantiated whispers that some customers of the acquired businesses are not at all happy with the service they are receiving, and many are understood to be walking away.
Morale at Daisy has also taken a hit as the firm seeks to curb spiralling post-acquisition overheads, a source familiar with the firm has said.
If true, this points to only one conclusion that I can see; Daisy is struggling, both to integrate and make money from its acquisitions.
Today's SpiriTel buy, Daisy's largest since its inception last year, positions the business firmly as a mid-market comms provider. But its investors will surely now be putting it under pressure to turn a profit.
This was first published in November 2010