Maintel Holdings PLC Sale of Managed Print Services Business Unit (6314S)
March 18 2021 - 2:00AM
UK Regulatory
TIDMMAI
RNS Number : 6314S
Maintel Holdings PLC
18 March 2021
Maintel Holdings Plc ("Maintel" or "the Company")
Conditional Sale Agreed for the Managed Print Services Business
Unit
Maintel, the leading provider of cloud and managed communication
services, today announces that a conditional agreement has been
entered into for the sale of its Managed Print Services Business
Unit ("Business") to Corona Corporate Group Limited ("CCS") for a
cash consideration of GBP4.5m ("Disposal"). The Disposal is in line
with the Company's strategy of focusing on its transformation to a
cloud-first managed services provider.
The completion of the Disposal is expected to occur on or around
16th April 2021, and is conditional upon the successful transfer of
a number of key customer contracts. The Company will also be
undertaking a TUPE consultation in respect of those employees who
will be transferring with the Business. The consideration of
GBP4.5m will be payable in cash on completion of the Disposal,
subject to a customary working capital adjustment. Unaudited
accounts for the financial year ended 31(st) December 2020 show the
Business generated GBP3.3m of revenue. The Company intends to use
the proceeds from the Disposal to strengthen the Company's balance
sheet through a further reduction in its debt position.
Commenting on the transaction, Chief Executive Officer Ioan
MacRae, said:
"This disposal is another step towards creating a simpler
cloud-first managed services company. With the accelerating
transformation around managed print, document and image management
and document workflow, we looked at a number of options for our
Managed Print Services division. In CCS we have found a superb home
for our Managed Print customers and staff - their focus on customer
success coupled with their technical capabilities and focus on the
document management market sets them apart, and we're delighted
that we'll be working with them to bring state of the art document
management capabilities to our customers into the future."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018.
For further information please contact:
Ioan MacRae, Chief Executive Officer 0344 871 1122
Rufus Grig, Chief Strategy Officer
finnCap
Jonny Franklin-Adams/Emily Watts/Kate Bannatyne (Corporate Finance) 020 7220 0500
Richard Chambers (Corporate Broking)
Oakley Advisory Limited
Victoria Boxall 0207 766 2838
Christian Maher
About Maintel:
Maintel is a cloud and managed services company with a focus on
communications. Its people are experienced, trusted technology
advisors, who improve their clients' organisations through digital
transformation.
Founded in 1991, Maintel has a proven track record of delivering
communications solutions and services to both the private and
public sector. In that time, the company has gained the expertise
to solve the challenges associated with digital initiatives, and
its managed services approach ensures clients realise the full
value of their technology.
This is achieved by specialising in three key pillars of digital
transformation: making organisations more effective, efficient, and
collaborative with digital workplace solutions; allowing
organisations to acquire, develop, and retain more business by
using technology to create more meaningful customer experiences
through outstanding service; ensuring organisations' employees,
customers, and partners always have seamless access to their data
and applications through reliable, secure connectivity.
Ongoing growth of Maintel's cloud and managed services offerings
continues to allow the company to keep supporting the increasing
demands of the market.
Please visit www.maintel.co.uk for more information.
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END
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