Myhome International, an AIM-listed franchiser of home services businesses, has added an eighth company to its offering. The group has bought Ferrum UK, a dry cleaning, laundry and ironing franchise operator that trades under the Increase-Decrease brand.

Myhome International, an AIM-listed franchiser of home services businesses, has added an eighth company to its offering. The group has bought Ferrum UK, a dry cleaning, laundry and ironing franchise operator that trades under the Increase-Decrease brand.

The acquirer paid £500,000 in cash and shares on completion of the deal. A further £4.3 million is due over the next three years depending on the business’ performance.

The acquisition is part of Myhome’s strategy of building a portfolio of residential franchised services and follows its acquisition in June of stain removal specialist Stainbusters.

The group’s other residential service brands include Myhome Clean, Nicenstripy, Surface Doctor, Ovenclean, Autosheen and Clean Team.

Ferrum offers a service that includes free collection and delivery. The company was established in Newport, South Wales, in 1999 and began franchising the business four years ago. Today it has eight franchisees nationwide with licences in New Zealand and Spain.