News

Moonpig to acquire Buyagift

Online greeting cards and gifting retailer Moonpig has announced the proposed acquisition of gift experiences platform Buyagift for £124 million.

Moonpig said the move will deliver a step-change in its gifting proposition, unlocking the growing £6 billion UK gift experiences segment of the gifting market and the potential for digital delivery of gifts (‘gift-in-acard’) and the same-day gifting market.

Moonpig CEO Nickyl Raithatha commented: “The proposed acquisition of Buyagift rapidly accelerates Moonpig Group’s journey to become the ultimate gifting companion. There is strong strategic rationale for the transaction, and compelling financial benefits.

“Buyagift is profitable and highly cash generative, with a proven track record of strong growth and we are excited by the ways that we can further transform the business using Moonpig’s proven playbook.

“We see significant potential for the cross-selling of gifting experiences to Moonpig’s loyal customers. We look forward to working with the Buyagift team to deliver an enhanced proposition for our customers and to create value for our shareholders.”

The acquisition is expected to complete by the end of July.

Sock Academy sold to Jatania Holdings

Paul Hughes and Gary Schaffer have announced the sale of Sock Academy Limited to London investment company Jatania Holdings Limited.

Hertfordshire-based Sock Academy is a multi-award-winning designer and manufacturer of socks for an international client base. The company’s core products consist of innovative, quirky and colourful socks for the giftware sector. They operate as three brands including United Oddsocks, Cockney Spaniel and Cucamelon.

Jatania Holdings is a holding company that provides a long-term home to businesses that have owners who want to step back or realise their equity. The familyowned firm’s approach is to work with the incumbent management and staff to preserve and grow the original founders’ legacy.

Gary Schaffer, managing director and co-founder of Sock Academy, said: “When Paul Hughes and I decided it was the right time, finding the right company to take the helm was our top priority. We needed to know that the amazing team we have, and our wonderful customers, along with the products, culture, and the business as a whole would not change (well, only change for the better). And we found this with Jatania Holdings. They are an excellent company with the same values, beliefs, and passion for Sock Academy as we have, and only want it to grow and develop in the right way.”

Yuvraj Jatania, CEO of Jatania Holdings, commented: “We are thrilled to welcome Sock Academy into our family, and we look forward to working with the existing team, customers and suppliers to grow the business together. Gary and Paul have built a fantastic company and our priority is to preserve their legacy and build on it further in a responsible way. It’s very much business as usual and we are excited about what the future holds for both Sock Academy and Jatania Holdings.”

PMC personalises Platinum Jubilee celebrations

PMC is marking the Queen’s 70th anniversary with two new personalised mug designs.

The products, which feature a gold-coloured handle and can be personalised with a name, make a fantastic keepsake to mark Her Majesty’s Platinum Jubilee.

With next day delivery options available, there is plenty of time to add these to your celebratory merchandise offer.

PMC bills itself as the largest personalised gift supplier in the UK, supplying multiples, independents, and ecommerce retailers. The team and product range at PMC has grown further in recent weeks, having purchased key assets and goodwill from Signature Personalised Gifts. The company is set to welcome some of the staff members from Signature Personalised Gift, who will be joining PMC’s dedicated sales team.

For more details, visit PMC’s website at www.personalisedmemento.co.uk.

St. Eval at No. 10 Downing Street

Cornish candle manufacturer St. Eval was invited to No. 10 Downing Street on May 9 to take part in a Spring Showcase event hosted by Prime Minister Boris Johnson to champion British businesses.

Ten small companies were invited from all four corners of the UK and held market stalls to show off their most popular products.

St. Eval highlighted its range of sustainably produced, nature-inspired products to the Prime Minister and cabinet ministers alongside VIP guests at the Showcase, which was the first Spring event of its kind.

As a 2021 winner of a Queen’s Award for Enterprise in Sustainable Development, this was a great opportunity for St. Eval to share its sustainability credentials and promote its beliefs in using business as a force for good in the world.

Nestled on a farm in North Cornwall, St. Eval has been sustainably creating high-quality candles, home fragrance, and hand and body care, for more than 28 years. The company produces its own sustainable energy via wind, solar and biomass, helping to reduce its carbon footprint and impact on the environment.

Over the past year, St. Eval has been expanding its office and factory building on the farm as part of its growth plans, powered by renewable energy. The firm is also creating a wildlife conservation area and pond to cultivate biodiversity and a haven for nature to flourish.