Fri, 15 Jul 2011 | DIVISION SALE
Manchester-based marketing company Hasgrove has sold off its public affairs operation in a management buy-out, raising some £8.45 million that will allow it to focus on developing its digital operation.
The company's chairman, Godfrey Taylor, said that by selling off the public affairs and strategic communications divisions of the AIM-listed company - which trades under the name of Interel - they will be able to take advantage of an area of their expertise where they see huge development potential.
"This is an important transaction for the group allowing the management to focus on developing our digital businesses," explained Mr Taylor. "We will take advantage of the exciting opportunities available in a rapidly changing marketplace."
The buy-out was said to have involved 22 of Interel's staff, including current London-based managing director, George McGregor, who will remain in his position and join the group executive committee. Interel operates from offices across Europe, including Brussels, Berlin, London, Paris and Prague. The company's British lobbying arm changed its name to Interel Consulting in 2010 to Politics International.
Hasgrove is said to have received an initial cash payment of £6.7 million and taken on £800,000 in liabilities.
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