Brown buys back Midnight as tech market tumbles

Tech and telecoms specialist Midnight Communications has been bought back by its founder Caraline Brown for around a tenth of the headline price it was sold for just two years ago.

This week it was confirmed that AIM-quoted BV Group, which bought the Brighton and London-based firm in a deal reportedly worth up to £3.5m over four years, has now sold back the firm for just £310,000.

Brown, promoted to head BV as well as Midnight last year, said the significant drop in price reflected the change in the tech market. She said: ‘If the crash happened at 12 o’clock, I sold at five minutes to.’

On whether the firm will continue to be known for its tech PR, rather than its more general work, she said: ‘The jury’s still out as far as that’s concerned.’

She added she would also more actively promote the firm’s Brighton heritage. The bulk of the agency’s 32 staff are based in the Sussex town.

This emphasis has been reflected by the appointment of writer and Brighton resident Simon Fanshawe as chairman.

Have you registered with us yet?

Register now to enjoy more articles and free email bulletins

Register
Already registered?
Sign in