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Glen Group

  • BY: Andrew Hore |
  • POSTED: 19/12/2007 |

Glen Group is selling its IT business to fellow Aim company Maxima for up to £3m. 

Maxima will pay £2.25m up front and possibly a further £750,000 in March 2008 depending on the ongoing customer list and whether they have transferred business to Maxima.

Glen wants to concentrate on providing telecoms services to small businesses. It provides fixed line rental and calls, mobile services and VoIP for businesses. Glen has made a deal with Maxima to jointly offer these services to the latter’s customers.

Glen will pay £250,000 of the proceeds to Eclectic staff and wants to use the rest to buy more businesses.

Eclectic was profitable in the first half and, excluding it, the ongoing businesses lost £757,000. So if those losses aren’t stemmed then the cash will not last very long. Ongoing turnover is £416,000. Glen had net debt of just over £630,000 at the end of March 2007.

The shares rose 0.04p to 0.18p, which values the company at £2.1m. 

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