13th Jun 2016 07:48
LONDON (Alliance News) - Ten Alps PLC on Monday said it has sold its Grove House Publishing Ltd subsidiary for GBP50,000, as part of the ongoing restructuring of its publishing division.
The TV and multimedia content producer said it will retain some assets of Grove House, including its debtor book and cash, but will be selling the trade of the company.
Ten Alps said the disposal is part of an ongoing review and restructuring of its publishing division, and it decided that Grove is non-core to the business. Grove, based in Cambridgeshire, is a niche publisher and events organiser, specialising in the food, agriculture and animal medicines market.
In the year ended June 30, 2015, Grove posted revenue of GBP1.0 million and pretax profit of GBP30,000.
Ten Alps said the proceeds from the sale will go towards its general working capital requirements.
Shares in Ten Alps were untraded on Monday, having last traded at 0.969 pence.
By Hannah Boland; [email protected]; @Hannaheboland
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