PINNACLE Technology, the IT and telecoms group founded in Paisley, is paying £586,000 to buy the 70 per cent stake it does not already own in Stockton-on-Tees-based telecoms reseller Accent Telecom North.
The company is also selling its 40 per cent stake in Stripe 21, a network solutions business based in Dorking, Surrey, for £385,000 in cash. Pinnacle said this stake was not core to its business.
The announcement follows two acquisitions in January for £5 million in cash and shares.
“At the time of the placing and acquisition announcement in January, we stated our intention to perform a full review of the Pinnacle business,” said executive chairman Gavin Lyons. “There are a number of operational challenges but, before those can be resolved completely, the fragmented nature of the group needs to be consolidated.” Pinnacle employs 25 people in Glasgow.
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