Building materials firm Lords Group has snapped up online rival CMO in a rescue deal.
London-listed firm Lords said it acquired the “trade and assets” of CMO for around £1.8 million as part of a pre-pack administration.
The deal will secure the future of around 120 workers at Plymouth-based CMO, who will join the wider Lords group.
CMO, which was founded in 2008 as Construction Materials Online, sells more than 140,000 products to trade professionals and households through a raft of specialist superstore-branded websites.The company was listed on London’s AIM junior stock market until February, when it delisted in order to help preserve funds.
The firms highlighted that the deal will not include the Tiles business previously owned by CMO.
Dean Murray, chief executive of CMO, said: “The acquisition marks a new and exciting chapter for CMO.
“We have built a strong, digitally-led business over the past 15 years, and in Lords, we have found a partner that not only understands our model but shares our ambition.
“I am incredibly proud of what the CMO team has achieved and excited about what is next.”
Shanker Patel, chief executive of Lords, said: “We are delighted to welcome CMO into the Lords family.
“CMO brings a well-established digital platform, strong customer reach, and a specialist product-led approach that complements our own.
“This partnership allows us to blend traditional merchanting strengths with cutting-edge digital capabilities.
“We are also mindful of the impact of the pre-pack administration process on affected parties and are committed to conducting the transition with respect.”
