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Spiritel makes tdotcom move

By Patrizia Rossi on January 17 2008

Spiritel, a provider of telecommunications services, has bought tdotcom, a re-seller of Mitel equipment and services, for up to £260,000.

The consideration will be satisfied with £40,000 in cash and deferred cash payments of up to £220,000 dependent on the business’ performance.

The deal is part of Spiritel’s strategy to grow organically and by acquisition, being the fourth purchase in just over a year. With net liabilities of £250,000 at September 2007, tdotcom will be integrated into Spiritel and its profitability increased.

Bruce Morrison and Simon Jordan of Hurst Morrison Thomson led the team of financial and business advisers. Morrison said: “We’re delighted to act for Spiritel on its fourth acquisition. We believe that the acquisition of tdotcom, which has a strong reputation and client base, provides Spiritel with an exciting opportunity to continue its success.”

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