Hobs sells legal wing
Thursday, August 6, 2020
Hobs Group has sold its Anexsys legal support services business to US firm Xact Data Discovery (XDD).
The Anexsys business was spun off in a restructure revealed by Printweek last month. It is a Crown Commercial Services supplier offering e-disclosure, digital forensics and managed services.
Anexsys employed 51 staff and made a £963,000 operating profit on sales of £5.65m in its most recent financial year, to 30 April 2019.
Private equity backed XDD has 16 offices across the US and two locations in India. The buy marks its first expansion into Europe.
The terms of the deal were not disclosed.
Anexsys managing director Rob Crowley will remain with the Anexsys business. He said: “Having worked alongside the XDD executive team for several months, it became quite evident that merging forces was a natural fit highly beneficial to both organisations on multiple fronts.
“Having access to XDD’s expansive services, operations and expertise will enable us to further strengthen our relationships with key clients, while expanding business opportunities with new organisations. We look forward to integrating organisations over the next few months and working together in the UK.”
Hobs Group will continue to provide legal reprographics in London and Manchester.
In a statement, Hobs Group said that it would now focus on growing market share at its repro and 3D printing operations.
The business also retains the backing of the Business Growth Fund.
“The Hobs group are delighted to continue to have the support of Business Growth Fund and looks forward to an exciting period of growth over the coming years,” The firm said.
Peter Bertram remains as chairman of Hobs Group, alongside group managing director Craig Horwood and financial director Simon Austin.
Former CEO James Duckenfield will continue to be a non-executive director of Hobs Group.
Horwood said he was pleased for the Anexsys team and wished them well for the future.
“Hobs Group now has a very focused and fully aligned business strategy to grow and support its client base and develop new services through the current period and into the future,” he said.
The remaining Hobs Group businesses have had their financial year-ends extended from 30 April to 31 October 2020. Hobs Reprographics made an operating loss of just under £418,000 on sales of £20.7m last year due to integration costs following its acquisition of Callprint in 2018 and other branch move expenses, but said it expected to return to profit this year.