LONDON (Alliance News) - Branded product developer Litebulb Group Ltd on Friday said it has sold three of its trading subsidiaries under its ongoing disposal process.
Litebulb in March said it would sell its trading businesses after it decided not to pursue new financing or any associated restructuring of its debt.
On Friday, it said it has agreed to sell its Litebulb Studios Ltd subsidiary, currently in adminstration, to Hubcom Ltd for GBP20,000.
In addition, it has sold Meld Marketing Strategies Ltd and Ginger Fox Ltd, also both in administration, to Hacche Retail Ltd for a total consideration of GBP453,001.
Litebulb said it was unable to give any details on realisations from the sales, but said at this stage it does not believe shareholders will get any return from the disposals.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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