Twenty Seeks Sale of Customer Intelligence Arm

In the UK, marketing services group Twenty Plc is seeking shareholder approval to sell off its customer intelligence arm TwentyCi for a nominal £1, following 'disappointing' 2010 financial results.

In a statement, Twenty Plc said the group reported a loss of £6.34m in 2010, and despite selling its customer interaction and outsourcing business DFPP, revenues generated from the sale of data had delivered well below the Board's expectations.

The plc focuses on four areas - strategy, data, web and digital marketing. In addition to offering data sourcing and on-site data capture, the group provides data analytics, database building and hosting, and loyalty programmes.

The TwentyCi division specialises in uncovering customer intelligence from existing client data, while also examining customer behaviour to understand consumer preferences and develop targeted marketing plans. The Board says the 'best interests' of shareholders would be served by selling off TwentyCi, along with its re-location services business Moveme, to a company controlled by the two firms.

Aside from the initial £1 price tag, the buyers will pay 12.5% of any amount exceeding £1m received from the re-sale of the businesses within the next 24 months. Twenty Plc has also agreed to pay the purchaser the sum of £112.5k next January, to contribute to working capital requirements.

Shareholders must also approve the Board's intention to withdraw the company from the AIM stock exchange and re-register as a private limited company.

Once the sale is concluded, the group's founder Grant Newton (pictured) and Finance Director Ian Lancaster will resign as directors and employees. Shareholders will vote on the proposal at a general meeting to be held on 14 November 2011.

Web site: www.twentyplc.com and www.twentyci.co.uk .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.