Jaywing plc, a UK-based agency specialising in the application of data science, is to acquire Bloom Media (UK) Limited a digital marketing agency based in Leeds. Bloom’s clients include blue-chip companies such as ADT, Anytime Fitness, Arco, Sky, Ebuyer, SIG and Yorkshire Building Society. Bloom was founded in 2006 by Alex Craven who will remain employed in the business.
The initial consideration is £2.41 million and will be financed from funds raised through a placing with new and existing investors and from new bank debt of £1.0 million. Additional earn-out consideration of up to £5.75 million is payable, subject to performance over the two years to March 2018.
For the 12 months ended 29 February 2016, Bloom generated gross profit and profit before tax of £1,943,000 and £279,000 respectively. As at 29 February 2016, Bloom had gross assets of approximately £760,000. Bloom’s financial performance for the 12 months ended 29 February 2016 was impacted by an historic aborted sale process and a subsequent restructuring of the business. During its financial year ended 28 February 2015, Bloom generated gross profit of £2,061,000 and profit before tax of £411,000. Bloom’s performance for the first five months of the current period is tracking ahead of this with gross profit of £1,149,000 and profit before tax of £282,000.
Alex Craven, CEO at Bloom, added: “Jaywing’s impressive data science credentials and its product strategy are very exciting to me personally. In addition, the breadth and scale of Jaywing’s client base as well as its recent acquisition in Australia provide an ideal platform for the Bloom Intelligence suite. I look forward to a rewarding future with Jaywing.”
Jawing recently acquired Australian based search marketing agency, Digital Massive Group Pty.
UK, Sheffield and Leeds