|By PR Newswire||
|November 19, 2012 05:04 AM EST||
BIRMINGHAM, England, November 19, 2012 /PRNewswire/ --
Online retailer seeking new shareholders to boost growth plans
Mobile Fun, the leading online retailer for mobile device accessories has appointed corporate finance firm Altium Capital to advise on a possible trade sale.
Founded in 2000, the independently-owned and award-winning online retailer is seeking a buyer to support the Company in achieving its international expansion ambitions.
In the financial year ending 31st March 2012, Mobile Fun's total revenue exceeded £10 million. For year ending 31st March 2013, the Company is on course to launch 20 new countries and hit sales of £12+ million with a predicted EBITDA of £1.2 million.
Managing Director Mohammed Hussain aims to build the business to achieve £25 million annual retail sales by 2017, with accelerated international expansion a central part of his strategy.
Mohammed Hussain commented: "We typically receive several approaches a year from both private equity and trade buyers in the UK and from overseas. We feel that the timing is now right to find new shareholders for our growing and profitable online business. Our sophisticated online retail platform, combined with expertise in international e-commerce and mobile device accessories is unrivalled. Our website traffic is a testament to our success - with a record 3.1 million visits in September 2012. With the right investment, we will further strengthen our market position and be ready to grow exponentially in the expanding smart devices market.
Mohammed continued: "During this process, it's business as usual at Mobile Fun as our team is working on a record Christmas quarter. We're already experiencing increased sales, following the release of the iPhone 5 and iPad Mini, as well as a number of other hero tablets and smart phones."
Andy Clarke, from Altium Capital in Manchester, said: "Mobile Fun is a high growth potential company operating in a very attractive market which has proved remarkably resilient to the current economic conditions. As Mobile Fun presents a unique opportunity, we anticipate initial discussions with potential new shareholders taking place before Christmas. If a suitable party emerges, an agreement could be in place by early 2013."
Mobile Fun operates in an expanding sector, with analysts including ABI Research predicting that by 2017, smartphone accessories will grow to $38 billion in revenues, while feature phone accessory revenues decline to $12 billion. As the UK's leading online retailer of accessories for mobiles, smart phones, tablets and other mobile devices, Mobile Fun offers over 6,500 products and ships to 50+ countries.
The retailer has a firm foothold in the UK through MobileFun.co.uk and complementary brands including GearZap.com, GamingZap.com and LoveCases.co.uk.
Mobile Fun's strategy of launching dedicated localised websites with native language speaking customer service is paying dividends, with international sales jumping by 161% in the last financial year. Mobile Fun now has international presence in Australia, Austria, Belgium, Canada, France, Germany, Hong Kong Ireland, India, Italy, the Netherlands, Spain, and the USA. The retailer also operates offices in France, Germany, Spain and the USA.
About Mobile Fun
Mobile Fun is the UK's leading Internet retailer offering a market leading range of accessories for mobile phones, tablets and other mobile devices from its growing portfolio of international websites.
With a product range of over 6,500 globally-sourced mobile accessories available on its websites, Mobile Fun has successfully established a market-leading position within the competitive mobile, smartphone and tablet sectors.
Mobile Fun was ranked as the UK's 7th 'Fastest Growing Technology Based Company' in the Sunday Times 2006 Microsoft Tech Track 100, was awarded the 'Online Retailer of the Year' title at the Mobile News Awards 2011 then again in 2012; won Best Online Business (Consumer) at the ECMOD Awards 2012, the Online Retail Awards 2011 and 2012 'Computers and Telecommunications' category and What Mobile's Best Accessory Retailer 2012.
About Altium Capital
Altium is an international investment banking and corporate finance advisory firm offering the full range of services for public and private companies, private equity firms and entrepreneurs, including mergers & acquisitions, private placement of debt and equity capital, management buy-outs, structured financing and financial restructuring. Altium employs over 120 corporate finance professionals in ten offices across eight countries.
For other information, contact: Andy Clarke at Altium Capital on +44(0)845-505-4343 or http://www.altiumcapital.com
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