Wembley Event Management Services (WEMS), has bought corporate hospitality and event management specialist Corporate Innovations (CI).
The purchase for up to pounds 4.5m includes pounds 500,000 dependent on performance over the next 12 months. It has been satisfied in the form of cash and loan notes redeemable in the period May 2001 to November 2002.
CI, based in Banbury, made an unaudited operating profit of pounds 600,000 for the year ended 30 September 2000.
Wembley subsidiary WEMS was set up in March to provide total event management solutions with an initial investment in skilled personnel, software and operational capabilities of pounds 1m.
The purchase of CI will allow WEMS to reach critical mass in a shorter time scale and maximise synergies within the conference, seminar and hospitality markets.
'We have been looking at growing the business of WEMS and acquisition is a key growth strategy,' WEMS managing director Peter Linnell said.
'We have now found a suitable organisation that brings with it an established and reputable client base, supported by a good brand from which we can build synergies with the WEMS business.'
CI deputy managing director David Watt said: 'I am delighted with the new arrangement. It provides the resources and commitment needed to drive CI on to even better standards of service.'