Conveyancing firm Indeed Online has reported that a contract has been signed to dispose of property law firm Runnett & Co to its co-founder Matthew Lewis for one pound.
The company added that intellectual property relating to the online conveyancing business would be included in the sale.
As part of the terms of the disposal Indeed Online said that it had agreed to pay £325,000 upon completion to fund working capital or restructuring costs.
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The transaction represented the disposal of substantially all the business of Indeed Online and would be subject to shareholder approval at a general meeting, the company said.
Following the completion of the Runnett disposal, Indeed Online said that it would hold net cash of £900,000 and no debt as well as tax losses amounting to approximately £2.77m.
It said that assets to be disposed of contributed the majority of the company's last reported loss before tax. The directors said that they would hold discussions with shareholders as to whether the company would invest the remaining cash or be wound up with cash distributed to shareholders.
Indeed Online's share price was unchanged at 12p at 10:48 on Friday.
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