CEDIA chairman’s company merges with Cornflake25 October 2012
The merger has been announced between two of the UK’s best-known names in custom installation – Cornflake and Future Systems. Both companies have been providing residential AV systems, home cinemas, data networks and control systems in the UK for many years.
Gary Lewis (pictured), owner of Future Systems and chairman of CEDIA Region 1, said: “The merger marks a dramatic step-change in our ability to compete in the UK and international markets. Together we have the scale and resources to quickly expand our geographic coverage and offer clients smart technology – backed by round-the-clock service – that will enhance their homes and lives. We are very excited to be riding the crest of this large wave.”
Robin Shephard and Samantha Hine were joint owners of Cornflake before the merger. Shephard, CEO, said: “The companies are a great strategic fit – both operationally and culturally. The merged company will have first-mover advantage in the huge marketplace that is opening up at the top end of the residential sector. Cornflake will lead the push towards truly intuitive homes, where technology and innovation are an inherent lifestyle choice.”
The new company will retain the Cornflake name. Shephard, Hine and Lewis will all become executive directors, with each owning a one-third stake.
The move comes as home automation market is poised to move from a niche to a mainstream consumer market, particularly in the UK and the rest of Europe. In 2011, the UK home automation market was worth around £65 million at distributors’ selling prices (DSP), according to BusinessWire. AMA Research estimates that by 2016, the UK home automation market will be worth some £156 million at DSP. Additionally, Berg Insight’s 2011 Home Automation report predicts global market growth at 65% (CAGR) to 2015.
To help build business in the architectural market, Cornflake intends to launch a designer-styled ‘Smart App/artment’ in central London during November. The venue will enable invited clients and architects to road-test the latest technology in a showroom designed to resemble a fully working modern home.