Munro Global acquires FDS Market Research Holdings

15th June 2006

Munro Global Limited, a new independent marketing services company, today announced the acquisition of the entire issued share capital of FDS Market Research Holdings Limited (“FDS”). Financing for the acquisition was provided by a management buy-in team, Electra Kingsway VCT Plc and Electra Kingsway VCT 2 Plc (collectively “Electra Kingsway”) together with existing management.

FDS, based at sites in North London and Newcastle, comprises two businesses involved in the provision of a broad range of market research services, FDS International (www.fds.co.uk) and acefieldwork (www.acefieldwork.co.uk). Turnover for the Group was c.£6 million in 2005.

FDS was established in 1972, by Janet Weitz, the outgoing Chairman and CEO, and has an excellent track record of success, listing BT, Yell, Identity and Passport Service, British Gas and Jobcentre Plus amongst a number of long standing clients.

The MBI team comprises Charlotte Cornish (new MD) and Richard Hepburn (new CEO), who will be joined on the Munro Global Board by three non-executive directors, Janet Weitz (providing client continuity), Fiona Stewart (a former CEO of Opinion Leader Research) and Mark Speeks (Electra Kingsway representative). The existing senior management teams within the FDS businesses remain in their current roles.

Charlotte is a highly experienced quantitative and qualitative researcher, who will take control of the day-to-day running of all aspects of the core research activities for FDS. Her previous roles include periods with research firms RSL, BMRB and the Henley Centre as well as client-side with BT. Her most recent role was as Managing Director of The Future Foundation, where she ran the team delivering high-end market research driven consultancy as well as ad-hoc strategic and communication work for clients.

Richard will provide commercial leadership for the business, overseeing financial performance and promoting new initiatives to grow the Munro Global portfolio of businesses, both organically and through further acquisitions. He has had a broad career in general commercial management, acquisition integration and business development (field and HQ roles) with service organisations including IKEA, Early Learning Centre, John Menzies plc and OAG Worldwide.

Charlotte Cornish, new Managing Director, said “We are extremely excited about the prospects to build on the excellent record for quality and customer focus which FDS has in the marketplace. Within the current FDS research team we have a high level of skills and depth of experience which we will develop further to enable us to extend the value proposition for our clients".

Richard Hepburn, new CEO commented “We are fortunate in having the backing of a solid partner in Electra Kingsway as we pursue our aim of growing Munro Global both organically and through further acquisitions. This will further enhance our capabilities to deliver client-focused, business-enhancing solutions across a range of marketing services disciplines”.