Maxima sells sub-division for £1.6m

Maxima, an IT business systems and managed services company, has completed the sale of the business and assets of its Integrated Business Systems sub-division for a total consideration of £1.6m.

Of the payment, £1.4m has been paid in cash and a further £0.2m is deferred, pending renewal of certain annuity contracts. The cash received will be used to repay part of the company's banking facilities.

For the financial year ended 31 May 2011, it reported revenue of £1.7m and segmental adjusted earnings before interest, taxes, and amortization of £0.6m.

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Its net asset value in the group's accounts was £1.3m.

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