'The Myhome strategy to become the one-stop shop for premium residential services takes another significant step forwards with the acquisition of Stainbusters,' says Russell O'Connell, Executive Chairman of Myhome International plc. 'We know from both our own pilot operation, and also the wider Myhome franchise network, the scale of demand for the cleaning of carpets and other fabrics around the home. Stainbusters fits this gap in our service range exactly, and will dovetail neatly into our existing franchise portfolio. I am delighted to welcome the Stainbusters team and franchisees to the Myhome group.'
In a separate agreement MyHome purchased Ferrum in a deal worth up to £4.8 million. Ferrum, which has eight franchisees across the UK and Master Franchises in New Zealand and Spain, agreed an initial payment of £500,000 in a mixture of cash and shares, with the rest of the payment due over the next three years subject to performance criteria.
O'Connell adds: 'The addition of an ironing, dry cleaning and laundry business takes us another step closer to completing our acquisition strategy, aimed at providing a complete portfolio of premium residential franchised services. We know from both our own pilot operation, and also the wider Myhome franchise network, the scale of demand for these particular services. I am delighted to welcome the management team and their existing franchisees to the Myhome group.'
In addition to these two new franchises Myhome operates the service brands Myhome Clean, Nicenstripy, Surface Doctor, Ovenclean, Autosheen and Clean Team.
Published: 24 August 2007
Back to news