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Business News

Canadian telecoms giant TELUS takes stake in iSmash repairs chain

today01/11/2021

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iSmash, the chain of technology repairs shops, will this week unveil a new round of funding led by the ventures arm of one of Canada’s biggest companies.

Sky News understands that iSmash has struck a deal with TELUS Ventures, a division of TELUS Corporation, to provide the financial firepower to accelerate its UK expansion.

Terms of the investment were unclear on Monday, although sources said that TELUS Ventures was likely to own a “meaningful” stake in the chain.

iSmash was founded in 2013 by Julian Shovlin, and now trades from more than 30 service centres across the country, with stores in high-footfall locations such as railway stations.

Julian Shovlin
Image: Julian Shovlin

The deal comes 15 months after TELUS acquired control of Mobile Klinik, Canada’s largest chain of tech repair shops, paving the way for a close collaboration between it and iSmash.

Mr Shovlin has drawn up plans to open a further 20 iSmash sites next year, as well as a new distribution centre and central service facility.

The company has seen growing demand for its services amid the proliferation of devices used by British consumers, particularly after extensive domestic use during the pandemic.

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It specialises in rapid repairs of smartphones, tablets and computers, and says it has served more than 1m customers to date.

Among iSmash’s other investors is Sky, the immediate owner of Sky News.

Mr Shovlin said: “The opportunity to collaborate closely with Mobile Klinik, alongside our existing partner Sky, will help us cement our position as the leading solution to your everyday tech problems, be that through repairing, replacing or protecting devices.”

Mario Mele, TELUS Ventures’ vice-president of corporate strategy, said its investment in iSmash “presents us with an excellent value-creation opportunity allowing us to improve the customer experience and move into the international tech repair space.”

 Sky News

© Sky News 2021

Written by: Rother Radio News


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today01/11/2021