28th Mar 2019 12:15
LONDON (Alliance News) - Cloudbuy PLC on Thursday said it signed an agreement for the sale of its Company Formations business to the Stanley Davis Group for GBP279,090 in cash.
Cloudbuy provides cloud-based eCommerce marketplaces and B2B buyer and supplier solutions.
The sale, expected to conclude on Friday, includes the assets and liabilities of Cloudbuy's Company Formations business.
The company said it will use the proceeds generated from the disposal towards general working capital, therefore, it will not require any additional funding.
"We founded this business in 2002 and were a pioneer in the sale of on-line company formations. However, the market has become more challenging since Companies House entered the market selling directly as evidenced by the decline in revenues," Chair Ronald Duncan said.
"We are delighted that we have found a strong buyer for our business which will enable customers to continue to receive an outstanding service as part of a larger organisation," he added.
Cloudbuy shares were trading 3.5% higher at 3.00 pence each on Thursday midday.
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