Chime Communications acquires the remaining 20% shares in VCCP Search
Chime Communications has today announced that it has acquired the final 20% shares in VCCP Search, meaning it now fully owns the business.
The remainder 20% of shares for the business, which develops software to support search engine marketing, were acquired for an initial £1.3m in cash and further performance related payments subject to a maximum of £6.7m in cash.
They were acquired from VCCP Search founders Paul Mead and David Midgley.
VCCP Search reported turnover of £7.1m for the 12 months ended 31 December 2011 and operating profit of £806,711.
The announcement comes as it was revealed yesterday that the sale of the Bell Pottinger Businesses to BPP Communications Ltd, with Rodger Hughes, the senior non-executive director, appointed as chairman whilst the search for a new non-executive chairman takes place.
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