Wed, 15 Dec 2010 | MBO/MBI
Network-based provider of end-to-end managed services, Redstone Plc, has sold off its security division in a management buy-out deal, led by the managing director.
Managing director Robert Cavan led the £1 million deal, while the management team set up RMS Managed ICT Security Limited as the holding company of the security arm VAR.
A payment of £100,000 has been made to seller Redstone Managed Solutions Limited (RMSL) and another £400,000 is to be paid on completion of the deal, which is expected to take place on 14 January. The remaining £500,000 due will be derived from net current assets.
The deal, which will also mean the transferral of 58 employees to the new owners, forms part of Redstone’s strategy to spin off non-core operations in order to boost its profits. The company’s Ireland-based business, and its PBX services unit have also recently been disposed of.
Redstone boss Tony Weaver commented on the deal: "We are pleased to have now substantially completed our review of non-core activities and subsequent asset disposals."
"Redstone is now focused on maximising the operational efficiencies available in the retained businesses and realigning the group to delivery of the new strategy."
The 'retained businesses' referred to are the connectivity and managed services unit RCS and the recently acquired Fujin Systems. Sources close to the firm predicted a merger of these two businesses will lead to around 50 job cuts.
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