118 Group Holdings plc announces employee benefit trust to lock in key employees to the business
Daniel Corby, founder and CEO of 118trades, the fast growing internet directory business is engaging the parent company, 118 group holdings plc in some major structural changes as the business prepares for a possible AIM float, which could happen as quickly as 2007 / 2008.
Changes
Speaking about the changes to the group, Daniel Corby said “we are busy building a very successful business, which in 2005 consisted of 118trades, a directory business, but now has interests in Advertising, Directories, Mobile, Publishing and Telecoms. The business is 100 miles an hour and has already this year completed a key acquisition, Car Auto Limited, which will be integrated into the group for quarter 1 of 2007. The group is also preparing to launch a mobile off shoot, under the 118 mobile brands and is preparing to double the size of the 118telecoms business, which acts a seller of memorable and the highly desirable range of alpha numeric numbers.
118 Group, which is preparing for an AIM float which could happen as early as 2007 / 2008 is creating an employee benefit trust to lock in key individuals to the business. This is key for us” added Daniel Corby, “our business is only as good as our people and we aim to create significant share holder value in the coming months ahead”
The business is also becoming more serious with the set up of a strong HR team and the appointment of Jaynie Vincent as head of Group HR. Jaynie Vincent joined the group from Deutsche Bank.
Other Interests
The acquisition of Car Auto Limited will deliver substantial revenues from q1 of 2007 as the group expands into the used car automotive market, with a leading web based portal to match buyers and sellers in the used car business. A recent new start up division, Fido Local, a free to pick up publication has been added to the portfolio of 118 Group. Parent business, 118 Group holdings plc has earmarked substantial investment for this division as it seeks to carve out a lucrative share of the £100M local content advertising sector.
Notes to editors
118 Group holdings plc is based in Chelmsford, with offices in Harlow, Essex and Salt Lake City, Asia. The group has recently started thinking and acting like a plc ahead of the planned AIM float. The board has recently been strengthened with the key appointments of Richard Allan as Chairman and Hugh Craen as non executive director. Richard Allan was former CEO of Perry Group plc and Hugh Craen was founder and former CEO of Potential Finance Group plc – both Richard and Hugh join Bradley Chapman on the board as Commercial Director and Daniel Corby as MD. Daniel Corby was previously Sales Director at Caudwell Group’s mobile phone retail arm, phones4u and Bradley Chapman held senior roles at Office Depot and Zenith Conservatories.
Learn more about the 118 Group at the following sites
www.the118group.com
www.118trades.com
www.118gethitched.com
www.carauto.co.uk
www.fidolocal.com
www.118telecoms.com
