Jaywing sells e-commerce arm Tryzens

Jaywing's shares rose after completing the sale of its e-commerce arm Tryzens for 6m pounds.The UK digital communications company said the disposal will strengthen its balance sheet and allow for investments in areas of "greater strategic interest".The outstanding inter-company debt Tryzens owes to Jaywing has been fully repaid following the transaction. Jaywing's outstanding debt owed to Barclays has also been paid back.In the year to the end of March 2013, Tryzens generated £0.3m profit after tax and had net assets of £1.1m."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," said Chief Executive Officer, Martin Boddy. "While Tryzens has performed well in some difficult trading circumstances, the ability to cross-sell has been limited."Shares in Jaywing advanced 1.10% to 23p at 11:12 on Monday.RD