10th Jul 2024 11:13
(Alliance News) - Personal Group Holdings PLC on Wednesday said that it has sold the entire share capital of its technology salary sacrifice division, Let's Connect IT Solutions Ltd, to SME HCI Ltd.
According to the Milton Keynes-based employee benefits and services provider, Let's Connect has been sold to SME HCI, a technology salary sacrifice provider trading as Perkbox Vivup Group, for GBP2.0 million.
The reasoning behind the sale, Personal Group explained, was down to a challenging period experienced by Let's Connect following the cessation of a long-term scheme with a major client in March 2023.
It said that while the business had performed resiliently and in line with management's expectations, its long-term performance "will be optimised" under the ownership of SME HCI.
"As previously announced, our strategy review has validated the strength of our insurance and benefits platform offerings. This deal enables a greater focus on these core areas of our business and we are committed to the execution of our strategy for accelerated growth. We are delighted to have secured such a well-suited home for the Let's Connect team and customers," said Chief Executive Paula Constant.
Shares in Personal Group were virtually flat at 168.95 pence each in London on Wednesday morning.
By Holly Beveridge, Alliance News senior reporter
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