Electric Business

The Mobility Equipment Company (TMEC) has been acquired by Prism Medical. TMEC is a distributor and installer of specialist mobility equipment such as stair lifts. Prism Medical is a manufacturer and provider of specialist mobility and handling equipment.

The clothing retailer Bank Fashion Ltd has gone into administration. The Bury-based firm operates from 84 stores, primarily in the Midlands, North of England and Scotland and has 1,555 employees. Bank has been loss-making for several years. All Bank stores remain open and the administrators say that several parties have expressed an interest in the business.

The administrators of City Link have announced 2,356 redundancies across the company’s UK sites. A total of 371 people have been retained to deal with the parcels that remain within its network and to assist with winding down operations. The redundancy payments will be made from the Government's statutory redundancy scheme as City Link is insolvent.

The UK franchise of the American-styled restaurant chain TGI Fridays has been acquired by Electra Partners. The deal sees Electra Partners invest £100m of equity. There are 66 TGI Fridays restaurants operating across the UK.

The courier and parcel delivery firm City Link has gone into administration. The company employs 2,727 people around the UK including 400 at its head office and transport hub in Coventry. It is expected that there will be a large number of redundancies at the company in the coming days. City Link's customers include retailers such as John Lewis as well as thousands of small businesses. It has annual revenues of around £300m. In 2013, following several loss-making years, City Link was bought from Rentokil for a symbolic £1 by the private equity firm Better Capital, which said it would invest

Medical Imaging, a provider of diabetic eye screening services to the NHS, has been taken over by EMIS Group in a deal worth up to £9.5m.

Phoenix Equity Partners has invested in Riviera Travel. Established in 1984, Riviera specialises in overseas escorted tour holidays and river cruises.

A secondary buyout has been completed at the contract caterer Waterfall. The £20m deal, backed by the private equity firm LDC, will see the existing management team continue to lead the company.

International Personal Finance (IPF) has agreed to buy MCB Finance Group for £23.8m. IPF is a home credit business which operates in Poland, the Czech Republic, Slovakia, Hungary, Mexico, Romania, Lithuania and Bulgaria. MCB is a consumer finance company which trades in Finland, Estonia, Latvia, Lithuania and Australia.

Onyx Group, the IT support and services business which is aiming to reach a turnover of £100m within the next five years, has acquired Knowledge IT for £10m.