(Alliance News) - CEPS PLC on Friday said administrators have sold wallpaper and fabrics sample book firm Travelfast Ltd to to a newly-formed company called Sampling International Enterprises Ltd.
Sampling International is connected with former Travelfast Managing Director Stephen Hubbard and is therefore, a related party of CEPS, the investment firm said, while stating that it will receive no return from the sale.
In March 2019, CEPS - through its subsidiary CemTeal Ltd - acquired Travelfast for up to GBP1.2 million in cash, with the final amount dependent on Travelfast's performance.
However, in December, CEPS said it would divest its investments in Travelfast as it was unable to to achieve cost savings "despite management's efforts and cash injections since March".
CEPS shares were untraded on Friday morning in London, last quoted at 28.00 pence each.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Ceps (CEPS)