CEPS is selling its investment in the CEM group.
CAPS has an 80% stake in CEMTeal, which owns CEM Press and Sampling International. The purchase of Sampling International has not proved to be a success. Only £9 of the potential £1.2m payment has been made due to poor performance. The anticipated efficiencies from consolidating the two businesses have not been achieved.
The CEMTeal loss in 2018 meant that CEPS reported a profit less than one-half of what it would have been without the company being consolidated. The loss is increasing. CEPS is owed £2.1m by the CEMTeal businesses.
Moorfields Advisory has been appointed to advise CEPS and it believes that the businesses should be sold as quickly as possible.
© 2020 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Building services provider Northern Bear has acquired electrical contractor J Lister for an initial £950,000 in cash and shares.
A shareholder has filed two legal claims against simulation technology company SimiGon Ltd.
UniVison Engineering Ltd has signed a framework agreement with the China Railway Engineering (Hong Kong) and China Railway Wuhan Electrification Engineering joint venture.