Yacht services provider YCO Group has sold its Yacht Fuel Services business for £1.75m.
The buyer is World Fuel Services Europe, which is part of New York Stock Exchange-quoted World Fuel Services. The business supplies aviation, marine and ground transportation fuels.
The fuel supply business was the original part of the group but YCO wants to concentrate on its core yacht services. For example, YCO has been chosen to oversee the build of a motor yacht more than 80m long. This will generate material revenues through to 2014.
A large proportion of 2010 revenues of £27m were fuel sales, which contributed little in terms of profit. The disposal should help to reduce YCO’s working capital requirements.
At 12p a share, YCO is valued at £5.82m.
Peter Jay has stepped down as chairman.
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