UKRD acquires Netrank in deal worth £3m
Cornwall based radio operator, UKRD Group, has just completed a deal to acquire the issued share capital of Exeter based search engine specialist and IT specialist Netrank, in a deal estimated to be worth £3m.
UKRD, owners of market leading Cornish radio station, Pirate FM and eight others spread across the regions of England, completed the negotiations and committed the strengthened group to drive their business forward to build a “genuinely multi-media offering.”
CEO of UKRD, William Rogers said, “This is a major realignment of our operation and further emphasises the importance of the south west to our business. Netrank is a great company, employing fantastic people who bring new and exciting ways of developing further our multi-media options. The media and advertising world is changing fast and this acquisition is just the first move for us to get ahead of the game.”
South West law firm, Foot Anstey guided UKRD through the deal, led by partners Richard Coombs in Plymouth and James Evans in Exeter.
Commenting on the deal, Richard Coombs said “We are delighted to have acted for UKRD in respect of this valuable transaction. Our relationship goes back to 1994 and this deal is just part of our association with the group.. I wish the company every success.
“Media and technology businesses are growing exponentially in the South West and they are significant sectors for the economy. Increasingly we are involved in deals like this one, as well as advising on technology issues.”
UKRD, together with GCap, the country’s largest radio operator, launched South West Digital a few years ago bringing DAB radio to Plymouth and Cornwall. The groups flagship station Pirate FM was awarded the highest sector accolade for the second time when it received the SONY Gold Station of the Year Award.
Netrank, a search engine specialist and brand positioning company, was established some six years ago and has grown dramatically over that period to a position which marks it out as one of the most well known of its type in the UK.
Netrank’s former Chief Executive, John Straw joins the UKRD board and takes up the post as the group’s Business Development Director.
