Healthcare firm snaps up Scottish skincare company
Irish personal healthcare business Integumen - led by Northern Ireland man Declan Service - has bought a Scottish men's skincare business for more than £500,000.
The company, which is listed on the AIM market in London, said the deal would provide "significant economies of scale as its builds its infrastructure". Integumen, which is based in Dalkey in south Co Dublin, floated earlier this year, raising £2.25m, with products focused on the areas of skincare, oral care and wound treatments. Its IPO price was 5p - the shares are now trading at just under 2.5p.
Mr Service, who is from Coleraine, Co Antrim, said the purchase of Stoer "supports [Integumen's] objective of broadening our portfolio of products and accelerating revenue generation".
He added: "The brand has been well received by the market and is well suited to bloggers and social media. And we are currently in discussions to expand its distribution channels both in the UK and overseas."
The deal is being paid for via the issuing of new Integumen shares to the seller - Chess Group Investment Company. A separate tranche of shares is being issued to Chess chairman James Barrack.
Mr Service said: "Further new products are currently being developed under the Stoer brand for the male grooming market.
"Two SPF products have been formulated and are about to commence stability testing and three shave range products are in early stage development which may be commercialised by the brand directly or in collaboration with an already established shave franchise."
Integumen is chaired by Venn Life Sciences boss Tony Richardson, who founded the business alongside Service.
The men worked together at Venn Life Sciences and Integumen went on to acquire one of Venn Life Sciences' subsidiaries. Integumen posted an operating loss of just under £1.4m in the six months to the end of June, on revenues of £124,310 and administrative costs of £1.5m.
This included the cost of listing on AIM, amortisation and depreciation of assets and investment in a number of products. The firm was set up "to focus on commercialising technologies in the health and personal care products market which are either on the market or at an advanced stage of development".