Huveaux today announces that it has sold its e-Learning subsidiary Epic Group plc to a private investor for £4.75m in cash. The proceeds from the sale of this business will be used to reduce further the bank debt of the Group.
In the year ended 31st December 2007, this business contributed an EBITDA of £259k to the Group.
As stated in the Annual Report & Accounts, the Board of Huveaux has been considering the strategic options for some of its business units going forward. Following this disposal, and the disposal of the French Healthcare Business earlier in June 2008, the Board believes that, with much reduced debt, the Group is now better positioned to concentrate on its core business segments of Politics and Education and to drive growth at the high margins that these businesses offer.
For further information, please contact:
Huveaux PLC
John van Kuffeler, Chairman
Rupert Levy, Finance Director
020 7245 0270
Brewin Dolphin Limited (NOMAD)
Sandy Fraser
0131 225 2566