24th May 2018 14:42
LONDON (Alliance News) - Oxford Metrics PLC said Thursday it sold its subsidiary Yotta Surveying Ltd to construction and civil engineering company Ginger Group for GBP1 million.
The amount of the transaction will be covered in cash and the business will, with immediate effect, trade as Ginger Lehmann Ltd in the UK.
"The business will continue to operate from its existing premises and all current Yotta Surveying Limited staff will remain with the business," the software company said.
The net assets of Yotta Surveying are worth GBP400,000 including GBP300,000 in cash and an inter-company liability with Oxford Metrics of GBP600,000 that will be settled by Ginger Group as part of the transaction.
Chief Executive Officer of Oxford Metrics Nick Bolton said: "We know that in Ginger Group, the surveying business has a strong, committed new owner and that our surveying team joins a bigger organisation capable of nurturing and growing these assets."
Oxford Metrics shares were trading 4.6% higher at 77.90 pence.
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