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  • BY: Andrew Hore |
  • POSTED: 24/03/2009 |

Supporta is selling its non-core architectural and engineering consultancy services businesses.

Princely Holdings is paying up to 409,000 for the businesses, which lost around 2.5m in the year to March 2008. Princely will pay 100,000 in cash six months after completion, another 204,000 quarterly as debts are collected, and the rest on the first anniversary of the deal. The latter two payments are subject to adjustment.

Group net debt was 17.3m at the end of September 2008. Supporta reported an improvement in interim operating profits from 1.56m to 1.94m, but this became a loss after interest, amortisation and exceptional charges. The improvement came from the home care division. The professional services division, which included the two companies sold, made a lower profit contribution.

Home care and outsourced services provider Supporta is still in discussions about a potential bid for the company. The potential bid is subject to conditions.

The shares jumped 7.5p to 34p a share after the approach was revealed in September 2008 but they have halved since then. At 17p a share, Supporta is valued at 14.7m.

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