Thu, 02 May 2013 | BUSINESS SALE
Pursuit Dynamics (PDX) has kicked off the fire sale of its Cambridge technology cluster business this week.
An auction process started things off and the first business to sell has been the firm's food, beverage and brewing division (FBB), which has been sold to Olympus Automation Ltd for £160,000.
The consideration includes a cash payment of £100,000, while the remaining £60,000 will be made up in additional payments in relation to stock and working capital.
The firm has been in trouble for some months and in February it took the decision to sack some of its staff in order to cut costs. This was also when the firm began pursuing an asset sell-off in earnest and a spokesman for the firm has confirmed that the FBB sale is in line with this approach.
Chairman of PDX, Dr Bernard Bulkin, stated: "The sale of the FBB business is in line with our strategy of realising value from the sale of its intellectual property and reducing liabilities. We are pleased to have completed a successful sale."
The FBB division recorded a turnover of around £430,000 in the year to 30 September 2012, but its pre-tax losses came in at £1.3 million. However, the buyer may also be interested in its gross attributable assets, which are worth around £58,000.
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