Electronics Production | October 12, 2010
Acal completes sale of ATM Parts Company
Acal plc has completed the sale of its subsidiary, ATM Parts Company Limited, to Cennox plc, a UK based ATM services and technology company, for a consideration of GBP 0.7 million on a debt free, cash free basis.
The disposal will allow Acal Supply Chain to focus on its core business of supplying IT spares and outsource solutions for technology service companies. Following completion, there will be a small one off adjusting settlement for the movement in net assets since 31 March 2010. At that date, ATM Parts had gross assets of GBP 1.5 million (excluding cash and inter-company debtors). For the six months ended 30 September 2010, ATM Parts incurred unaudited pre tax losses of GBP 0.2 million on revenues of GBP 1.8 million (pre tax losses of GBP 0.5 million on revenues of GBP 3.3 million for the year ended 31 March 2010). The sale proceeds will add to Acal's existing cash resources. Nick Jefferies, Group Chief Executive said: "This is another important step for Acal as we continue to streamline the Group and focus our operational activities on our core businesses, whilst also increasing our cash resources."