LONDON (Alliance News) - UK-based digital communications company, Jaywing PLC, Monday said that it has completed the sale of its e-commerce arm, Tryzens Ltd, to the unit's management for GBP6 million in cash.
"It has been evident for some time that there are few synergies between the work and clients of Tryzens and those of the plc's marketing company, Jaywing. While Tryzens has performed well in some difficult trading circumstances, the ability to cross-sell has been limited," Chief Executive Martin Boddy said in a statement.
It said that as a result of the disposal, it has paid off all its debts and now has a positive cash balance and a strengthened balance sheet, which will allow it to consider investment in areas of greater strategic interest.
Jaywing said funds were provided by Scottish Equity Partners to allow the management buyout of Tryzens.
Jaywing shares were trading 3.3% lower Monday morning, at 22 pence per share.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
Copyright 2013 Alliance News Limited. All Rights Reserved.
Jaywing (JWNG)