Done Deals

Iceland has bought 51 former Woolworths stores for an undisclosed sum. The frozen food retailer plans to create up to 2,500 new jobs

Melham Group, a construction company based in Nottingham, has bought Portsmouth-based steelwork contractor Allslade Plc out of receivership. The deal gives the construction business a presence in London and the South and may be worth up to £6 million.

A West Yorkshire-based electronic motor control products manufacturer for mobility products has been bought by its management for an undisclosed seven-figure sum. Chief executive Phil Burns led the MBO of Controlled Speed, backed by Co-operative Bank and Partnership Investment Finance (PIF).

Virgin Vie At Home, the UK’s largest party plan company, has been bought by its management for an undisclosed sum. Founding directors Ros Simmons and Ratan Daryani led the undisclosed buy-out.

Acal’s acquisition of a 75 per cent stake in SSE, a distributor of service parts for electronic products, for £1.85 million has been approved.

Deals in the Pipeline

New Star Asset Management, which was on the brink of collapse last year, is understood to have received offers from a clutch of rivals with retail fund management operations. The troubled fund manager said the proposals are at a preliminary stage and it is not certain that any transaction will be forthcoming.