4th Oct 2018 10:44
LONDON (Alliance News) - Turnaround investment company Volvere PLC said on Thursday it has sold its automotive consultancy, Impetus Automotive Ltd, to MSX International Ltd for GBP31 million.
Shares in Volvere rose 15% to 1,060.11 pence on Thursday.
Following the disposal, Volvere will focus on rowing and developing its remaining investments, including food manufacturing business Shire Foods Ltd, and CCTV viewing software firm Sira Defence & Security Ltd.
Proceeds from the sale will go towards Volvere's cash reserves to be used for the company's continuing investing policy.
"We have been delighted with the turnaround and growth of Impetus since 2015. The financial performance, and ultimately this successful exit, reflects the hard work and commitment of management and staff of both the group and the company, as well as the loyalty of Impetus's clients. We wish the Impetus team a long and successful future in their next phase of growth," said Chief Executive Officer Jonathan Lander.
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