Renew offloads Forefront; books related write-down of £9m
Source - SMW
Renew said it had sold its Forefront Group engineering services business to Ferns Group for a 'de-minimis' sum.
There had been no improvement in the financial performance of Forefront since the start of this financial year, the company said.
Renew said it would bear no ongoing liability in respect of Forefront, though as a result of the disposal it would book non-cash write-down of around £9m.
In the last financial year, Forefront made a pre-tax loss of £2.8m.
At 8:04am: (LON:RNWH) Renew Holdings PLC share price was +7.5p at 372.5p