The Board of Maxima Holdings plc (AIM: MXM), the IT business systems and managed services company, today announces that in line with its previous statement to dispose of non-core assets, the disposal of the Document Management Services ("DMS"), Intellect and Microsoft sub-divisions, has been completed to M-Hance Group Limited, for a total gross consideration of £6.8 million, of which £6.5 million has been paid in cash and a further £0.3 million is deferred for 27 months.
The sub-divisions employed 69 people, located primarily
in the North West and South of England. All three
sub-divisions were components of the Business Solutions
division, which operated within Maxima Information Group
Limited, a wholly owned subsidiary of the Maxima Holdings Plc
Group (the "Group"). For the financial year ended
31 May 2011, they reported combined revenue of £7.2 million
and segmental adjusted EBITA (pre-exceptional costs, share
based payments, capitalisation of R&D, central overheads and
amortisation) of £1.9 million.
The proceeds are being used largely to pay down debt and in
part to fund rationalisation of central overheads.
For further information please
contact:
Maxima Holdings plc
David Memory, Chief Financial Officer
Tel: +44 (0)1242 211 211
Ian Smith, Executive Chairman
Tel: +44 (0)1242 211 211
Cenkos (Nominated advisor to the
Company)
Stephen Keys/Adrian Hargrave
Tel: +44 (0)20 7397 8900
MHP (PR)
Reg Hoare / James White / Vicky Watkins
Tel: +44 (0)20 3128 8100
Notes to Editors:
Maxima (AIM:MXM) is a leading provider of IT business systems
and managed services, helping over 1,000 organisations across
the UK, Ireland and the USA to increase their productivity,
reduce their business costs and streamline their processes.
The company's Managed Services, Infrastructure and
Applications (MSIA) operations support all aspects of cloud
computing delivery, including Infrastructure as a Service,
Platform as a Service and Software as a Service capabilities.
Core Maxima solutions and services include virtualisation,
web connectivity, infrastructure management, IT managed
services provision & business intelligence. For more
information, please visit www.maxima.co.uk.