Sanderson Group sells EPOS business for £11.7m
Coventry-based Sanderson Group has sold its electronic point of sale (EPOS) arm to Torex Retail Holdings for £11.7m.
The software and IT services company completed the sale of Sanderson RBS to the Dunstable-based technology provider for £11.5m.
An additional £150,000 is payable unconditionally on 6 April, with a further £100,000 dependent upon receipt of specific customer payments, Sanderson said.
Sanderson RBS recorded a pre-tax profit of £860,000 of the back of £12.36m turnover for the year ended 30 September 2011. The net assets at the year end were £3.56m.
The money from the sale will allow the group to repay its bank debt and leave a positive cash balance of about £4m, it added.
Chairman Christopher Winn said: "Looking ahead, our focus will be on the continued development of the Sanderson products and services, with special emphasis on further enhancement of the online sales and e-commerce services.
"We intend to further expand the Sanderson customer base and to increase investment in our successful manufacturing business which is enjoying positive trading momentum. The board strategy is to achieve growth both organically through investment in new products and services as well as by selective acquisitions as opportunities arise."
