The Channel logo


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


Frank Jennings

What do you do? Use manual typwriters or live in a Scottish croft? Our man advises
A rusty petrol pump at an abandoned gas station. Pic by Silvia B. Jakiello via shutterstock

Trevor Pott

Among other things, Active Directory needs an overhaul
Baby looks taken aback/shocked/affronted. Photo by Shutterstock

Kat Hall

Plans for 2 million FTTP connections in next four years 'not enough'
Microsoft CEO Satya Nadella


League of gentlemen poster - Tubbs and Edward at the local shop. Copyright BBC
One reselling man tells his tale of woe