P-Tech to merge with The Complete Office
Electronics firm P-Tech is to merge with rival The Complete Office, it was revealed late today.
P-Tech, part of the Phoenix Stores group, will move The Complete Office and its stable of products into its existing Reid Street store, where it will trade under the P-Tech brand name.
George Grundmuller, president and CEO of The Phoenix Stores, said: “We are delighted to announce this significant transaction for our group which allows for future growth opportunities in the industry and positions P-Tech as Bermuda's leading consumer electronics provider.”
Mr Grundmuller added: “We do not foresee any job losses with this transaction and certainly anticipate all sales and support staff will transition with the goal of increased growth as a better positioned, merged entity moves forward.”
The Complete Office's iClick, an authorised Apple reseller, is also included in the transaction and will continue to operate from its current location a few doors away from P-Tech.
The buyout means P-Tech, which is a dealer for brands like Bose, Sony, GoPro, Samsung and Canon, will Apple, Hewlett-Packard and Lenovo to its roster of manufacturers.
Mr Grundmuller said: “Ultimately, we are creating a stronger and more capable retail operation out of two very competent and complementary businesses.”
He added: “Our combined strengths will be used to deliver new products, better service and enhanced value to the market.
“This transaction will be beneficial for the traditional consumers of both companies as we are now in a stronger position to expand on the recognised product brands our customers have come to expect and deliver the high level of service and competitive pricing they desire.”
The Complete Office is expected to have moved into P-Tech by April 29.
Todd Martin, general manager of P-Tech, said: “Undoubtedly, this merger confirms P-Tech as Bermuda's complete electronics solution and premier provider of consumer electronics.
“Whether desktop computers, laptops, printers, tablets, smartphones, TVs, speakers, digital cameras, camcorders or accessories, P-Tech has it, including the ability to perform repairs.”
The Complete Office will join Kodak Express, which was bought earlier this month, as part of the Phoenix group of companies.
The Phoenix group's existing photo lab at P-Tech on Reid Street will move to the Kodak Express store on Church Street and will operate under the P-Tech Photo Solutions brand.
P-Tech Photo Solutions is now the largest full service photo development lab on the island.
The company also operates a string of pharmacies across Bermuda, as well as department store Brown & Co.