The Channel logo

News

By | Paul Kunert 11th May 2012 14:19

RM dumps cash-bleeding ISIS Concepts onto ex-owner

Here, mate, you can have this one back

RM has offloaded its loss-making classroom furniture biz ISIS Concepts to its former owner and current managing director Nick Topliss for £205,000.

This is the last divestiture for the troubled education IT supplier which last September began closing or flogging parts of the business it deemed non-core to improve its financials.

The sale of ISIS Concepts to ISIS Concepts Holdings, newly established by Topliss, follows an "extensive marketing process", said RM in a statement to the City.

Topliss was boss at ISIS when RM first acquired it in May 2009 for £2.69m and acted as MD for nearly the last three years.

RM said its former boss Robin Sirs, who left the company last year, is expected to invest in ISIS in the "near future".

The firm revealed that ISIS has been loss-making in the year to date and RM has agreed to stump up a short-term working capital loan facility of up to £850,000, "secured on a freehold property and value assets valued in excess of that figure".

"This disposal completes the disposal programme announced in the strategic review," said RM. ®

comment icon Read 4 comments on this article alert Send corrections

Opinion

Privacy image

Frank Jennings

Two working parties, ministers galore... but data transfer law remains in limbo
EMC_Unity_bezel

Chris Evans

It does simplify the hardware setup, whatever it is
A microscopic view of the biometric shark skin. Pic: James Weaver

Chris Mellor

Do something and stop faffing about in the bush league

Kat Hall

International system in general needs greater transparency

Features

Nerd fail photo via Shutterstock
Shouting match
Single market vs. rest of the world
hacker
Mostly it's financial crime. Here's what all the cool kids' terms mean in English
Apple logo. Pic: Blake Patterson
Plenty of bumps in the 40-year road for Mac makers