Sanderson offloads high street retail business
IT services firm Sanderson Group said it had sold its electronic point of sale business for £11.5m.
IT services firm Sanderson Group said it had sold its electronic point of sale business for £11.5m.
Sanderson said the deal struck with Torex Retail Holdings would enable the group to repay its bank debt and leave a positive cash balance of around £4m.
The remaining cash will be used to invest in the further development of products and services, especially in the areas of online sales and commerce solutions, the firm said.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Sanderson also gave an upbeat assessment of its financial year so far, saying it had maintained good trading momentum despite the poor economic environment.
"At the end of the first quarter, to 31 December 2011, order intake in the manufacturing and multi-channel businesses was almost 10% ahead of the comparative period of the previous financial year," the company said.
Investors cheered the news, pushing the company's share price up 20% in morning trading.
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Christmas at Chatsworth: review of The Cavendish Hotel at Baslow
MoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
By Dr Matthew Partridge Published
-
Tycoon Truong My Lan on death row over world’s biggest bank fraud
Property tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
By Jane Lewis Published