The Concerto Group has bought a 50% stake
The Concerto Group has bought a 50% stake in event staffing agency LOLA.
The acquisition, for an undisclosed sum, enables the group to add staffing services to its existing offering of event management, corporate parties, venues, catering and entertainment.Mike Kershaw, chairman of The Concerto Group, said: "This acquisition allows us to expand our product offering, streamline our supply chain, lower costs and ensure better quality control."
LOLA, which was founded in 2007 by directors Duncan Mitchell and Dean Friday, has clients throughout the UK including art galleries, fashion brands and caterers.Mitchell said: "We have worked with The Concerto Group in the past and approached the group some time ago. We believed it could be mutually beneficial for the group to have a staff agency internally and for our long-term growth prospects. We've grown quickly and had a good year but this gives us new opportunities in terms of future expansion."The partnership has accelerated LOLA's plans to launch a crew business within the next two months, providing specialist staff such as lighting technicians and sound engineers.