(Alliance News) - Aukett Swanke Group PLC on Tuesday said it has sold the non-core Live Events business acquired as part of the recently completed acquisition of Torpedo Factory Group Ltd.
Aukett is a professional services firm that mainly provides architectural and interior design services. Its shares were down 8.7% at 2.51 pence each in London on Tuesday afternoon.
In March, Aukett said it had bought Torpedo Factory, an audio, visual and stage technology provider to organisations in the UK and Europe.
On Tuesday, Aukett said it has sold the Live Events arm of Torpedo for GBP1 to Conferencecast Ltd. It expects to book a net loss on the disposal of around GBP60,000.
"The Live Events business provides specialist audiovisual equipment for live events and has been loss making since the Covid pandemic, forced the closure of many live event venues," Aukett said.
It added that it represented 4.5% of the TFG revenue for the 18-month period ended June 30, 2021, and employed 17 of the total 71 TFG staff. In the period, it recorded a loss of GBP112,000, with management accounts indicating that it has remained loss marking subsequently.
Chair Clive Carver said: "To have exited from this non-core business so soon after completing the TFG acquisition on terms that preserve the jobs of the staff involved is pleasing."
By Sophie Rose, Alliance News reporter
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Aukett Swanke (AUK)