LONDON (Alliance News) - Avesco Group PLC on Friday said it is sold its broadcast hire subsidiary Presteigne Ltd to a newly-formed company headed by the division's management.
Avesco has sold the unit for GBP5.0 million in cash to Presteign Broadcast (2016) Ltd, which will be led by the unit's chief executive, Mike Ransome. The deal has been supported by funding from private equity house NVM Private Equity LLP.
Presteigne hires video, audio and wireless technology to broadcast production. It made a trading loss of GBP1.9 million in the year to September 2015, though it is anticipated to turn a small profit in the firm's current financial year due to the supply of equipment to the Rio 2016 Olympic Games and to the Formula One motor racing tournament.
Avesco said the deal will leave it focused on its audio visual services unit, centred on its Creative Technology arm.
Shares in Avesco were down 1.5% to 292.05 pence on Friday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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