News blog
Accuma
- BY: Andrew Hore |
- POSTED: 30/11/2007 |
- COMMENTS: Add yours
Debt management and IVA provider Accuma says it has called off talks with potential bidders.
Its board believes that none of the indicative offers reflected the underlying value of the business.
Accuma revealed that it had been approached by bidders on 11 October – just before its full year results were released. In the year to July 2007 Accuma reported a profit of £889,000, down from £1.59m. The only reason it reported a profit was because of the acquisitions it had made during the year. The original operations slumped into loss. The IVA and loan broking businesses both performed poorly.
Accuma did generate cash from operations during the period and had net cash of £3.1m at the end of July.
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