TV producer and integrated publishing and communications provider Ten Alps has disposed of its assets and liabilities in the Fareham Agency.
Fareham, which was held via Ten Alps's subsidiary Ten Alps Communications(TAC), was disposed of for a net cash consideration of £144,616 and an agreed write-off of the net inter-company balances of £687,702 owed to the Fareham Agency by Ten Alps and its subsidiaries less retained cash of £154,219, the company said.
Ten Alps reported that the disposal was effected by way of a management buyout completed by Scott Ford, director of TAC.
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The Fareham Agency was part of Osprey Communications into which Ten Alps reversed in July 2001. Previously known as Ten Alps RMA it became part of Ten Alps Communications after the acquisition of McMillan Scott in March 2006 and was later renamed Ten Alps Creative & Media.
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TAC said it was disposing of net assigned assets of £62,168 for a net cash consideration of £144,616. It said that the assets being disposed of were trade receivables, net inventories, prepayments and net media buying cash whilst liabilities include trade payables, deferred income and accruals.
TAC has retained £154,219 of cash following the disposal. The unit had revenues of approximately £5.0m, earnings before interest, tax, depreciation and amortisation (EBITDA) of £23,000 and profit before tax of £8,000 in 2012, the company added.
Peter Bertram, Chairman of Ten Alps, said: "Following a review of the B2B division and the group's stated objective of focussing on core assets it was concluded that the Agency business was non-core."
He added: "The Agency has been part of the group since 2001 and has helped deliver commended creative content to an impressive list of clients. We wish Scott and all the staff a bright future in their new venture."
Ten Alps' share price was unchanged at 1.90p at 12:16 on Tuesday.
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