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Cityblock

  • BY: Andrew Hore |
  • POSTED: 24/07/2007 |

Cityblock is selling its residential property development and investment activities to a former director and changing its name to Look Investments. 

Former director John Bargh’s company City Portfolio is paying net asset value for the operations. That is expected to be just over £2m. Cityblock will also receive a dividend from the business being sold of nearly £640,000. It will pay off borrowings of £1.88m and use the rest for working capital.
A clue to its future direction comes in the form of June’s all-share acquisition Springdoo, a New Zealand-based video communications company. Two of its directors were appointed to the board.

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