Feeds

Dragons Den Jones to offload Data Select to management

Amassing cash to snap up firms cheap in coming double-dip?

Maximizing your infrastructure through virtualization

Dragons Den star Peter Jones is understood to be in talks with the management team at Data Select to sell the mobile distributor, according to industry sources.

The empire got a bit smaller this week as Jones flogged his machine-to-machine (M2M) comms specialist Wireless Logic to mid-market private equity firm ECI Partners for £38m.

Marlow-based Wireless Logic connects embedded sensing devices for customers through SIM-based tech to transmit and receive info with applications including vehicle tracking and home and business security monitoring.

Jones acquired Wireless Logic from current MD Oliver Tucker and sales director Philip Cole in 2002, three years after the business was founded.

"I will be watching with interest how the business develops further with the support and backing of ECI," said Jones in a PR blurb.

In the 11 months to 31 October 2002, Wireless turned over £32,800 and made an operating loss of £202,000, but in the last accounts for the year to 30 April 2010 it made a pre-tax profit of £1.6m on the back of sales of £8.16m.

Sources close to the situation told El Reg that Jones is in negotiations with Data Select management, led by chief commercial officer Roy Taylor, to sell them the distie which peddles mobile phones, accessories and airtime.

Jones was involved in discussions to sell Data Select to Computer 2000's Brightstar venture earlier this year but they came to nothing as the parties were unable to agree on terms.

"He [Jones] has hawked the business around for a couple of years but the price he expected [upwards of £50m] was ridiculous so I guess an MBO is another option ... it gives him more control over the price," said a source.

Reports suggest Jones is trying to amass a £100m acquisition fund to take advantage of low biz valuations should a double-dip recession materialise.

In the year to 30 April, Data Select made a £4.3m pre-tax profit and £194m in revenues.

Jones is also a majority shareholder in Expansys, which acquired reseller Data Select Network Solutions and PJ Media – firms he also had a stake in – last year.

Taylor and Jones were unavailable to comment. ®

The Power of One Infographic

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Airbus promises Wi-Fi – yay – and 3D movies (meh) in new A330
If the person in front reclines their seat, this could get interesting
UK Parliament rubber-stamps EMERGENCY data grab 'n' keep bill
Just 49 MPs oppose Drip's rushed timetable
Want to beat Verizon's slow Netflix? Get a VPN
Exec finds stream speed climbs when smuggled out
Samsung threatens to cut ties with supplier over child labour allegations
Vows to uphold 'zero tolerance' policy on underage workers
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
prev story

Whitepapers

Reducing security risks from open source software
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Application security programs and practises
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.