One iota sold for £5.4m

Rossendale-based e-commerce firm One iota has been bought by the Sanderson Group for £5.4m.

one iotaOne iota was formed in 2010 and has worked with retailers such as Littlewoods, Thorntons and very.co.uk

Now the company has been purchased by IT group Sanderson, which is based in Coventry and employs around 30 staff at its manufacturing base in Sheffield.

Having acquired the One iota's entire issued share capital, Sanderson now plans to raise £3.5m by a placing of more than 6m new shares.

One iota was founded by former 2ergo employees Damian Hanson, who has a 32.5% share in the company and David Hague, who has a 27.5% share, with the remaining 40% split between 2ergo founder Barry Sharples and Neale Graham, who were early seed investors in the company.

Hanson and Hague will remain with the company which will keep the One iota name and run as a wholly-owned subsidiary of Sanderson. In the year to January 2013, One iota recorded an unaudited turnover of £660,000 with pre-tax profit of £195,000.