Electric Word sells Radcliffe Publishing to Informa for £1m

19th Jun 2015 13:22

Electric Word said on Friday that it has disposed of the trade and certain assets of the company's subsidiary, Radcliffe Publishing, to Informa UK for £1m.The consideration is being paid in cash and comprises £1m less a £43,061 adjustment for deferred revenue at completion, with £856,939 payable on completion and £100,000 on the first anniversary of the completion date.The sales proceeds will be used for general working capital purposes and to fund investment plans in other areas of the business, the company said.In the year ended 30 November 2014, Radcliffe Publishing made a pre-tax loss of £325,764 on turnover of £1,20m. The value of its gross assets were £1.32m.