Tue, 09 May 2023 | BUSINESS SALE
Marketing agency Destination has acquired Newquay-based Flamingo Marketing as part of its plans to expand its services in the leisure and tourism sector. The acquisition, which has seen Destination open a new PR office in Newquay, will bolster the firm’s PR operations and enable it to offer a wider range of services to new and existing clients.
Destination provides outsourced managed marketing services for an array of UK brands and leisure destination and has locations in Exeter, Cheltenham and London. The company’s growth strategy utilises M&A as part of its efforts to become the "leading fully integrated marketing services provider for retail, leisure and tourism" in the UK.
Flamingo specialises in visitor attraction marketing and consultancy, providing marketing and PR for attractions including zoos, museums, theme parks and historic houses. The company has been operating for over 25 years and has provided services for an array of high-profile attractions, including Blenheim Palace, Leeds Castle, Lightwater Valley and the Mary Rose Museum.
According to Destination CEO Matt Baker, the combination of the firm’s existing offering with Flamingo’s business will enable the company to provide a “fully integrated marketing strategy” for new and existing clients.
Flamingo Marketing founder Nikki Smith commented that the acquisition would provide the company with an opportunity to build on its existing industry experience and achieve further growth. She added that the combination of Destination and Flamingo Marketing would provide a “comprehensive” service able “to deliver measurable, integrated, and eye-catching results”.
The financial details of the transaction were not disclosed. In Flamingo Marketing’s financial statements for the year ending March 31 2022, its fixed assets were valued at £15,643 and current assets at £363,458. At that time, the company’s net assets amounted to £228,026.
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