Computer products distributor Fayrewood plc completed the sale of UMD, part of its Niche Distribution division, to Esprinet for €53.5m on 22 December.
The sale was accompanied by a reshuffle in the Fayrewood boardroom. Chief executive Paul Griffiths and finance director David Gurr stepped down at the end of December, but will continue to assist the board in a consulting capacity. Keith Negal has been appointed an executive director of Fayrewood with effect from 1 January.
As of 27 December Fayrewood has received €48.5m, with the balance of €5m payable in six months time.
Chairman David Kleeman said that "Discussions continue with our advisers with regards to returning a large part of the proceeds to shareholders."®