LONDON: British business information group Datamonitor Plc is set to acquire Richard Hyman’s retailing research group Verdict for 4.7 million pounds in cash. Verdict offers research and data on several retailing sectors from do-it-yourself stores to groceries and clothing. Founded by Hyman in 1984, it is today a leading commentator on the retail business in the U.K.
Datamonitor, which provides research into industry segments such as automotive, food, beverage and tobacco, consumer products, pharmaceuticals and health care, energy and utilities, technology, financial services and transport and logistics, has an international reach. It said the acquisition will increase its coverage of consumer goods.
Verdict, with expert commentaries by Hyman, is an authentic source of information on the U.K. retail scene. The venture began as a one-man show by Hyman and now has a staff strength of 35 and offers researched data on retail sub-sectors like clothing and footwear, DIY, home wares, grocery, furniture, health and beauty, and electrical goods. The company has no borrowings.
Hyman said his company was too small as an independent business and, as part of a largest group, it could expand internationally. He hoped the deal will offer his company an exciting opportunity for growth not only in the U.K. but at an international level.
The deal provides for Hyman to receive 70 per cent of the agreed amount upfront and the balance in a three-year earn-out. Before starting Verdict he was editorial director of market research business Mintel.