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Integra and Tpoll Sold
Troubled group IPT Holdings has sold off two more of its businesses, UK-based research firms Integra Insight and RWCEL. The latter includes subsidiaries Tpoll and The Simulating World Research Company.
Integra, which focuses on research in the insurance sector, was sold on 31 October to Intelligenzia Ltd for £21,000 in cash - the sale included assumption of liabilities including £78,028 of specified creditors. RWCEL was acquired on Monday (3rd November) by two of its current managers, Mark Ursell and Michael Donovan, for £215,618 in cash, payable in four instalments beginning in January.
The sales are part of an ongoing review of the business which also saw it bring forward earn-out arrangements for its French subsidiary Directinet, and take full control of the latter's management and direction, last week. The deal involved an aggregate cash payment to the founders of EUR 1,119,000, the resignation of the founders from the board and the appointment of new management.
Chairman Nicholas Ward said the UK sales represented disposal of non-core assets, enabling IPTH to focus on key businesses like the French firm: 'We now have full management control of our largest subsidiary, which is a profitable and cash generative business and which is trading in line with budget. This is a significant further step forward in implementing the outcome of the strategic review'.
On October 1 the firm reported a pre-tax loss of £9.1m for the first six months of the year, compared with a £527,000 profit a year earlier. The majority of its UK operations were bought a month ago by investment company Volvere Plc, for £1.3m.
Web site: www.iptholdings.co.uk .
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