21st Oct 2024 13:44
(Alliance News) - Zinc Media Group PLC on Monday said that it has agreed to sell its remaining legacy telesales contract publishing business, currently trading as Zinc Communicate Publishing, for GBP100,000.
Zinc Media Group is a London-based television and content production company, while Zinc Communicate Publishing is a non-core business unit based in Macclesfield.
In financial 2023, the latter generated GBP2.2 million in revenue, but a loss before tax of GBP500,000. It is loss-making to date in financial 2024.
Zinc Media Group has exchanged contracts with Specialist Business Media Ltd, a wholly owned subsidiary of The Datateam Group. As such, the business will not continue to trade under Zinc Communicate Publishing going forward.
Zinc Media intends to use any net proceeds from the transaction for working capital purposes.
"Zinc Media Group has doubled in size in the last few years, with rapid expansion in television and brand content production. The disposal of this legacy tele-sales business gives the group renewed capacity to pursue its strategic focus on the profitable growth in television and film-based production," said Chief Executive Officer Mark Browning.
"The publishing business will thrive within a wider specialist publishing group. I'd like to extend a personal thanks to the management team in Macclesfield who've been wonderful colleagues over many years and wish them well in their new home."
Shares in Zinc Media Group were trading 0.8% lower at 63.00 pence each in London on Monday afternoon.
By Holly Beveridge, Alliance News senior reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.