Yorkshire-based investment business and management consultancy NMC Galaxy has clinched a deal to acquire the giftware wholesale company Heartwarmers.
Chief Executive of NMC Galaxy Ltd, Nasser Malik and Managing Director of Heartwarmers Ltd, Peter Legg, have agreed terms for NMC Galaxy to acquire the assets and business of Heartwarmers for an undisclosed sum.
The deal paves the way for ambitious growth plans which will create a number of new jobs.
It will be re-branded as a wholesaling business selling plaques, lap trays, garden signage and giftware to the wholesale trade industry, including home shopping, DR TV, garden centres, retailers and department stores.
NMC Galaxy Ltd will also launch a new direct e-commerce brand to sell the Heartwarmers product range direct to the public.
The business has acquired an 18,000 sq ft warehouse facility in central Bradford and has transferred stock from Heartwarmers’ former warehouse facilities in Stalybridge and Pontefract. Existing jobs in Stalybridge will be retained, with staff working in association with the new head office in Bradford.
Peter Legg will retain a minority shareholding in the business and provide ongoing consultancy support.
Mr Malik said: “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 £3 million – £5 million turnover business within three years, which will lead to the creation of several additional jobs in the area”.
Nasser Malik is also Chairman of Malik House Business Centres, which runs business centres in Leeds, Bradford and Blackburn and of Yorkshire Enterprise Network (YEN), one of the county’s biggest business support and networking organisations. The group also owns web design brand MH Virtual, and Trafficgalaxy.uk