LONDON: CloudCoCo, a leading UK provider of managed IT services and communications solutions, has entered into a Share Purchase Agreement to sell the entire issued share capital of CloudCoCo Limited to Aspire Technology Solutions Ltd, for gross cash consideration of up to c.£9.2 million.

CloudCoCo Limited is the Group’s IT managed services business.

Proceeds from the proposed sale will discharge all liabilities of the Group.

Simon Duckworth, Non-Executive Chairman, commented: “The proposed sale of our IT managed services business marks a positive step for the Group, enabling us to eliminate long-term debt and focus on expanding our value-added reseller operation, particularly in e-commerce, where we see significant opportunity.

Alongside this, we are in advanced discussions for the sale of our Connect business to further strengthen our financial position and streamline our proposition.

While FY24 has presented trading challenges, we are confident the strategic shift announced today secures the Group’s long-term future and ensures a solid foundation for growth moving forwards.”