News blog

In-Deed Online

• BY: Andrew Hore |
• POSTED: 02/06/2013 |

Online conveyancing services provider In-Deed Online is selling conveyancing business Runnett & Co back to its co-founder for £1. 

Runnett & Co was acquired one year ago for an initial £225,000 in cash and the repayment of £350,000 of director loans. It is losing money and In-Deed Online is paying £325,000 to cover working capital and restructuring costs. The sale includes the company’s online conveyancing technology.

At 12p a share, the company is valued at £2.45m. In-Deed Online will be left with net cash of £900,000 and tax losses of £2.77m. It will either become a shell or be wound-up.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFMay2013_44.pdf