(Alliance News) - Telecom Plus PLC on Friday said that it disposed of two of its non-core units for GBP2 million to focus its efforts on its core business as a fully integrated supplier of utilities.
The London-based multi-utility supplier said the non-core businesses comprise its wholly-owned meter operator UW Home Services Ltd and its 75% owned boiler installation business Glow Green.
Telecom Plus noted that neither of the disposals are expected to have an impact on profit in 2022.
The company sold UWHS to specialist meter operator Lowri Beck Holdings Ltd for GBP1 million in cash.
The value of UWHS' gross assets in the last audited accounts were GBP7.6 million and it made a pretax loss of GBP3.0 million in the year to March 31.
Telecom Plus agreed to sell its stake in Glow Green to Charles Wigoder, Telecom's own executive chair, for GBP1 million in cash.
The company noted that Glow Green has been consistently loss-making since it was purchased in 2018. This has contributed to a cumulative funding requirement of over GBP6 million that will remain with Glow Green as a debt to Telecom Plus and will be repaid over time.
Shares were up 0.4% at 1,536.00 pence each on Friday morning in London.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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Telecom Plus (TEP)