Tue, 06 Sep 2011 | BUSINESS SALE
The board of marketing company, Fuse8, have said that a sale of the company is one of the options they are considering, after a chain of events that led to the company's chief executive being relieved of his duties.
The CEO, Nigel Hunter, was stripped of his position at the end of last week, after he was unable to provide the board with an updated review of Fuse8's performance or an estimate of the company's performance for the remainder of the financial year.
He had offered his resignation on 26 August, but it was rejected. Following what the board said was "the discovery of other issues", an internal review was initiated and Mr Hunter was taken out.
A statement issued by the board said, "The non-executive directors are now considering what course of action is in the best interests of shareholders."
Selling the operating businesses of the group is one of the options being considered, which would likely result in the company becoming a 'cash sell' and being reclassified as an investing company. Delisting the business from AIM and restructuring the company to significantly lower costs is another option.
Fuse8 has bases in both Leeds and London and offers a range of marketing services including brochure design, corporate brochures, advertising, web design, PR, media buying, SEO and Pay-per-click management.
The business specialises in the design, manufacture, and installation of a range of bespoke ventilation systems, and related products and services. The company operates on a B2B basis across the UK, providing its services to organisations in the manu...
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