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Cello Buys Fieldwork Firm
Insight Research Group, a subsidiary of UK marketing services group Cello, has bought UK fieldwork agency Field Management Ltd in a deal worth £865,000. This is Cello's third MR buy in the last five months.
Cello will pay £540,000 up front - of which up to £200,000 will be paid in cash and the rest by the issue of 287,892 new ordinary shares. A further payment of up to £325,000 will be made based on the company's performance between now and the end of 2008.
Insight Medical Research is a specialist healthcare market research business with offices in London and New Jersey. FML has been in business since 1990, and boasts a turnover in excess of £1.8 million.
Cello listed on London's Alternative Investment Market (AIM) a year ago. In July this year, it bought Leapfrog Research & Planning for £6m, and the following month it acquired b2b agency RS Consulting for £4.75m.
The group also owns brand development companies The Value Engineers and Leith, and direct marketing firms The Target Group and Navigator Responsive Advertising. The companies' web sites are at www.fm-ltd.co.uk , www.insightresearchgroup.com and www.cellogroup.co.uk.
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