IDE Group Holdings PLC Sale of IDE Group Connect and Nimoveri Limited
RNS Number : 5997P
IDE Group Holdings PLC
20 October 2021
20(th) October 2021
IDE Group Holdings Plc
("IDE", the "Group" or the "Company")
Sale of IDE Group Connect and Nimoveri Limited
IDE Group Holdings plc, the mid-market network, cloud and IT
managed services provider, announced on 28(th) September 2021, that
the Board was in advanced discussions to sell its wholly owned
subsidiary IDE Group Connect Limited ("IDE Group Connect"). We are
now pleased to confirm the sale of both IDE Group Connect and
Nimoveri Limited to CloudCoCo Group plc for a deferred
consideration of GBP250,000.
Commenting on the Sale, Andy Parker, Non-Executive Chairman of
IDE Group Holdings Plc, said:
As we've previously indicated, this disposal allows us to focus
on our Partner Business and we have an exciting future ahead of us.
At both a trading level, and after central and plc costs, we have a
profitable cash generative business. Our focus is now entirely on
growth, both continued organic growth and potential inorganic
About the Sale
IDE Group Connect is a specialist cloud, advanced support,
connectivity and co-location data centre provider.
The business has 660 customers, mainly comprising of large
private sector organisations. 40 of these organisations are IT
managed service customers and 620 are data centre and networking
customers. The IDE Group Connect business (including Nimoveri)
recorded an adjusted EBITDA* of GBP (0.8) million on revenues of
GBP13.1 million for the 12 months to 31 December 2020.
In June 2020, IDE Group Connect acquired Nimoveri Limited, an IT
managed services business.
Terms of the Sale
The Sale was on a normalised net cash basis for a consideration
of GBP250,000, funded via a loan note to CloudCoCo for GBP250,000
to be repaid over five years with an annual interest rate of Bank
of England Base Rate +3% with no payments due in the first six
In addition, IDE will provide CloudCoCo with a working capital
facility of up to GBP500,000 and amounts drawn will be convertible
into new ordinary shares of CloudCoCo at 1p per share if not repaid
by October 2022.
The consideration terms reflect the current financial state of
the IDE Group Connect business, the limited-scope warranties
offered by IDE and the small number of unprofitable contracts
contained within the business.
IDE Group Holdings Plc Tel: +44 (0)344
Andy Parker, Non-Executive Chairman 874 1000
finnCap Limited Tel: +44 (0)20 7220
Nominated Adviser and Broker 0500
Corporate finance: Jonny Franklin-Adams/
ECM: Tim Redfern/ Richard Chambers
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(END) Dow Jones Newswires
October 20, 2021 02:00 ET (06:00 GMT)
Gráfica de Acción Histórica
De Nov 2021 a Dic 2021
Gráfica de Acción Histórica
De Dic 2020 a Dic 2021