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  • BY: Andrew Hore |
  • POSTED: 13/06/2008 |

Huveaux is selling its e-learning business less than three years after buying it.

It is receiving £4.75m in cash from a private investor for e-learning company Epic.

Huveaux acquired Epic for £22.7m in cash and shares in the summer of 2005. The cash element of the consideration was more than £8m.

Huveaux started out as a cash shell and has made a number of publishing and learning acquisitions since it joined Aim. It reached a point where it had over expanded and had to slim down to cut borrowings. It is concentrating on its politics and education publishing operations.

Huveaux recently sold its French healthcare publishing business for €8.25m (£6.5m). Net debt was £18.7m at the end of 2007 so these disposals should have more than halved that figure – even allowing for any deal costs.

The shares fell 0.25p to 16.25p, valuing Huveaux at £24.7m.

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