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LONDON (Alliance News) - Braemar Shipping Services PLC said Wednesday that it completed the disposal of its incident response business, Braemar Response, to Grupo Ambipar for GBP774,000.
The logistics services provider said the reason to dispose of the technical division was that its directors believed "the business would benefit from scale" and "from having an alternative owner".
The disposal price consists of an initial cash payment of GBP400,000 with further GBP374,000 payable within 12 months.
Braemar bought the business in 2006 for GBP900,000. During the year to February, the division generated sales of GBP3.9 million a pretax loss of GBP595,000.
Chief Executive Officer James Kidwell said: "We are delighted to have found an excellent home for Braemar Response in Grupo Ambipar. The disposal allows Braemar to focus on delivering its strategy for its core consultancy and professional services."
Braemar shares were trading down 0.2% at 262.0 pence each.