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.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

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

Sign up

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.

MoneyWeek

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.