LONDON: Maintel Holdings, the leading provider of cloud and managed communication services, has signed a conditional agreement for the sale of its Managed Print Services Business Unit to Corona Corporate Group Limited (CCS) for a cash consideration of £4.5 million.
The Disposal is in line with the Company’s strategy of focusing on its transformation to a cloud-first managed services provider.
The completion of the Disposal is expected to occur on or around 16th April 2021, and is conditional upon the successful transfer of a number of key customer contracts.
The Company will also be undertaking a TUPE consultation in respect of those employees who will be transferring with the Business. The consideration of £4.5m will be payable in cash on completion of the Disposal, subject to a customary working capital adjustment.
Unaudited accounts for the financial year ended 31st December 2020 show the Business generated £3.3m of revenue. The Company intends to use the proceeds from the Disposal to strengthen the Company’s balance sheet through a further reduction in its debt position.
Commenting on the transaction, Chief Executive Officer Ioan MacRae, said: “This disposal is another step towards creating a simpler cloud-first managed services company. With the accelerating transformation around managed print, document and image management and document workflow, we looked at a number of options for our Managed Print Services division.
In CCS we have found a superb home for our Managed Print customers and staff – their focus on customer success coupled with their technical capabilities and focus on the document management market sets them apart, and we’re delighted that we’ll be working with them to bring state of the art document management capabilities to our customers into the future.”
Maintel is a cloud and managed services company with a focus on communications. Its people are experienced, trusted technology advisors, who improve their clients’ organisations through digital transformation.
Founded in 1991, Maintel has a proven track record of delivering communications solutions and services to both the private and public sector. In that time, the company has gained the expertise to solve the challenges associated with digital initiatives, and its managed services approach ensures clients realise the full value of their technology.