Home shopping group Flying Brands has acquired a further 30% stake in discounting website Dealtastic.
The shares were acquired from Dealtastic chief executive Jonathan Ruff and take Flying Brands’ stake in the etailer to 80%. Ruff and related parties own the remaining 20%.
Dealtastic has in turn acquired 50% of dealtastic.co.uk and promomachine.co.uk that it did not already own.
It has also appointed staff from web design and marketing firm Click Marketing, which is also led by Ruff, to enhance its website.
The amount paid for the shares is dependent on Dealtastic’s performance in its 2011 calendar year. The maximum payable will be £1.1m, which will be paid if its profits exceed £760,000.
Flying Brands chief executive Stephen Cook said: “The acquisition of a majority interest in dealtastic.co.uk will further strengthen and expand Flying Brands’ presence in internet retailing and we are looking forward also to working with the Dealtastic team to improve our existing websites in gardening and gifts.”
Dealtastic’s German and French websites will be Flying Brands’ first international sites.