Bradford-based investment and consultancy business NMC Galaxy Ltd has secured a deal to purchase giftware wholesale company Heartwarmers Ltd.
Nasser Malik, chief executive of NMC Galaxy, and Peter Legg, managing director of Heartwarmers, agreed terms for NMC Galaxy to acquire the assets and business of Heartwarmers for an undisclosed sum.
The headquarters of the company will be moved from Stalybridge in Tameside, Greater Manchester to Bradford.
NMC Galaxy plans to create jobs and growth having transferred stock from Heartwarmers’ former warehouse facilities in Stalybridge and Pontefract to a newly-purchased 18,000sq ft warehouse in central Bradford.
Mr Malik said he believed the business had the potential to treble or even quintuple its turnover.
“Our team is very excited by this latest acquisition to add to our brand portfolio. Heartwarmers peaked previously at over £1 million turnover and I am confident of building this into a £3m to £5m turnover business within three years, which will lead to the creation of several additional jobs in the area.”
The new head offices will be at Malik House Business Centre, off City Road, Bradford, while existing jobs in Stalybridge will be retained, with staff working in association with the new head office in Bradford.
Mr Malik said: “We’ll be assessing the additional staffing needs once the business is fully up and running in Bradford and will be increasing the workforce gradually in accordance with the ongoing levels of growth.”
The deal will see Heartwarmers re-branded as a wholesale business selling plaques, lap trays, garden signage and gift ware to the wholesale trade industry.
NMC Galaxy will also start a new e-commerce business to sell the Heartwarmers product range direct to the public.
Mr Legg will remain a minority shareholding in the business while providing consultancy support.
Original article source: The Telegraph & Argus
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The Telegraph & Argus – http://www.thetelegraphandargus.co.uk/business/15246299.Giftware_firm__39_s_new_owner_sees_potential_for_growth/
Giftware Gazette – http://www.giftwaregazette.com/347-nmc-galaxy-acquires-giftware-wholesaler/