Electric Word offloads Optimus Professional Publishing

2nd Nov 2016 09:36

(ShareCast News) - Electric Word announced the sale of a subsidiary on Wednesday - Optimus Professional Publishing - to Prospects Education Services.The AIM-traded company said Optimus is part of its education division and provides live events and online training for leaders in UK schools to support staff development and school improvement.Total consideration comprised £1.51m, which has been paid in cash on completion, with a cash balance of £613,113 left in the business.Both the consideration and cash left in the business are subject to adjustment through a completion accounts process at a later date, the board said.In the year to 30 November 2015, Optimus made a loss before tax of £1.02m - including a charge of £725,588 towards company central overheads, and a management charge to the Company of £177,500 - on turnover of £2.91m.The value of the gross assets of Optimus at 30 November was £2.31m.Electric Word's board said it was grateful to the employees of Optimus for their hard work in recent years, and they regard the disposal as an important step towards simplifying the group, reducing operating losses and the risks arising from an investment intensive business, and supporting the group's ability to make a capital return to shareholders."We are grateful to the employees of Optimus for their hard work and are delighted that Optimus will be joining Prospects after 16 years as part of Electric Word," said Electric Word CEO Julian Turner."It is good news for both businesses and for our many customers among UK schools."Nick Bell, chief executive of Prospects, said the company was delighted to welcome Optimus Education colleagues into the Prospects family."As one of the largest employee-owned companies in the UK and a leader in diversity, we are committed to offering those that join us the opportunities to innovate and drive our business forward."