Zycko flogged to management team
Networking distie founder Sweet cashes in
Zycko group managing director Nick Moglia has spearheaded a management buy-out of the networking and comms distributor from founder Rory Sweet.
The Cirencester-based business has a dozen years of trading history under its belt, with 13 offices across four continents.
Moglia, a former director at UB Networks and Comstor, together with sales and marketing director David Galton-Fenzi and FD Ken Wood, acquired the firm for an undisclosed sum.
After 11 years at the distributor, Moglia said he was primed to try to get the business to the "next phase" of its development.
"This will be achieved through a combination of vendor expansion, and further overseas offices, strengthening our position as a pan-European value-added distributor," he said in a statement.
The firm claims to have a turnover of £120m but in last filed accounts for the year to 31 March 2010, sales were £92m – £42m in the UK – up from £81m 12 months earlier.
Operating profits fell 20 per cent in the period to £2.3m and pre-tax profits slid 18 per cent to £2.1m. It paid out a dividend £1.37m in the year.
Sweet, who also founded and sold Cisco distributor RBR Networks and MessageLabs, will remain on Zycko's board as non-exec director. ®