Cello Group announces £0.9m acquisition deal for Mash Health as it reports 2012 figures
The Cello Group has announced the £0.9 million acquisition deal of Mash Health as it reports ‘solid’ financial figures for 2012.
The marketing services group has announced the acquisition for an initial consideration of around £0.6 million, which could rise to £0.9 million depending on the performance of the agency within Cello Hleath.
Mash, now in its fourth year, is based in London and New Jersey, reporting an unaudited turnover of £1.5 million and pre-tax profit of £0.1 million as of March last year.
Cello Group revealed that its net debt was around £9 million by the year end and that with a second-half recovery for Cello Consumer, consisting of Tangible Group, Brightsource, 2CV and Face after a ‘challenging’ first half, which led to it implementing around £1 million in restructuring costs.
Cello Consumer is also reported to have made £0.5m of pre-tax losses as a result of “discontinued activities” however new business from Britvic, HSBC, General Motors, Coca-Cola and the Glasgow 2014 Commonwealth Games indicated a stronger start to 2013.
Meanwhile, Cello has reported that Cello Health saw an operating profit margin increase by 20 per cent last year, and while the majority of the work continued to be within the UK, the agency will focus on growth in the North American market.
The health sector division also picked up work with clients such as Actelion, Boehringer Ingelheim, Boots Opticians, GE Healthcare, General Mills, Mundipharma, NEST, Novartis, Tunstall Healthcare, and Vision Care.
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