An expanding office supplies company in Peterborough has just completed the acquisition of its second city-based business in a year.
The Ethos Group, which has offices in Royce Road, has bought Supplies Direct, in the Metro Centre, Welbeck Way, which was founded 19 years ago and has about 20 staff.
Supplies Direct has about 650 customers across the East Midlands and East Anglia.
Its current premises will close and staff will transfer to Royce Road.
The deal comes 12 months after Ethos acquired office design and supplies company Walters, of Royce Road, which was set up 56 years ago by Peterborough businessman Mike Walters.
Paul Norris, Ethos managing director, said: “This new acquisition will enable us to more fully utilise Walters’ extensive infrastructure to substantially increase our business and capability throughout the area where we are now the largest independent supplier.”
The acquisition will increase Ethos’ annual revenues by £2 million and its EBITDA by a further £500,000.
The acquisitions enhance the range of services and products offered by Ethos, which has attracted new customers in Peterborough, such as Travelex, Bauer Media and the RNIB.
The deal is the latest stage in an ambitious drive for growth by Ethos.
Tony Collard, director, said: “Over the next two to three years we are looking to double the size of the business.”
He added: “We hope turnover will reach £10 million and that the number of staff will reach 70.”