Flying Brands has bought flower delivery firm Flowers Direct out of administration for £2.95m.
The home shopping group bought the goodwill and related assets of the group which has a database of around 300,000 customers and took 100,000 orders in the last year.
The Flowers Direct business which has gross assets of £2.95 million, generated £6m of sales in the year to March 31 with a loss of £500,000. It has a relay business which is a network of 750 florists which allow orders to be passed between the network.
Flying Brands will add it to its existing gifts and flowers business and believes substantial cost savings can be made by putting its businesses together.
Flying Brands chief executive Stephen Cook said: “We are delighted to have acquired the Flowers Direct business. The transaction will significantly strengthen our online business and will give us access to our own relay network of florists. Although there will be substantial cost savings arising from the combination of the two businesses the primary purpose of the acquisition is to provide a strong platform for future growth particularly in the online and relay markets.”