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Accuma

  • BY: Andrew Hore |
  • POSTED: 01/05/2009 |

Accuma is selling its IVA books to Grant Thornton for £5.6m.

This helped the shares recover 3.125p to 12p each, which values the debt management group at £3.92m.

The full value of the future revenues of the IVA book is £10.7m, before any provisions. The disposal will cost £300,000 so the net proceeds will be £5.3m. Accuma will relinquish the lease on its Manchester office and pay certain tax liabilities at a total cost of £2.6m.

The disposal is dependent on shareholder approval and the transfer of the IVAs to new insolvency practitioners nominated by Grant Thornton.

Debt management services provider Byrom & Keeley will be the remaining business in Accuma. This business generated profits of £570,000 on revenues of £1.75m in the six months to June 2008.

Accuma recently switched its nominated adviser from Daniel Stewart to FinnCap.

Accuma had cash in its balance sheet at the end of June 2008. Depending on the cash outflow since then, Accuma should have enough cash left to cover all or most of its market value.

The ongoing business hardly warrants a quotation so it will be interesting to see what Accuma’s management’s strategy will be. 

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